PT Petrosea Tbk (PTRO), a mining services issuer owned by Prajogo Pangestu, has completed a binding offer process with Tolu Minerals Limited regarding an investment in a convertible note worth AUD 23.75 million.This instrument allows PTRO to convert its debt notes into 14.61 million shares of Tolu Minerals at an exercise price of AUD 1.625 per share.The President Director of PTRO, Michael, stated that this move allows the company to explore various commercial schemes in providing services and other support for Tolu Minerals.In addition, he admitted that this decision is part of Petrosea's expansion strategy into the Papua New Guinea region. "At the same time, it strengthens our portfolio diversification into gold, which holds long-term prospects," Michael said in a statement disclosed to IDNFinancials.com on Thursday (4/23)."We see strong synergy opportunities, in line with Tolu's project development plans heading into the production phase," he added.As a side note, Tolu Minerals is a gold and copper exploration and development company in Papua New Guinea. The company is listed on the Australian Securities Exchange (ASX) under the ticker TOK.Tolu Minerals operates the Tolukuma gold mine, which is reportedly reaching the production phase in the near future. Furthermore, the company also holds a portfolio within the Pacific Ring of Fire region.According to IDNFinancials.com records, PTRO began exploring the gold mining business in mid-2025. At that time, the company acquired HBS (PNG) Limited, a firm operating in gold extraction and processing in Hidden Valley, Papua New Guinea."This transaction is part of the company's business development strategy abroad and diversification into the gold mineral sector," Michael stated in early August 2025.Currently, the majority of PTRO's shares are controlled by PT Kreasi Jasa Persada, with an ownership stake of 45.33%. Meanwhile, the public share portion stands at 29.15%.The Ultimate Beneficial Owner (UBO) of PTRO's shares is Prajogo Pangestu, the owner of the Barito Group and Chandra Asri.
Source https://djakarta-miningclub.com