Harita Group entity, PT Cita Mineral Investindo Tbk (CITA), has injected fresh capital into adro Group's aluminum smelter management company, PT Kalimantan Aluminium Industry (KAI), by subscribing to a portion of KAI's newly issued shares.Cita Mineral Investindo Director, Yusak Lumba Pardede, stated that the company subscribed to 237,039 shares with a nominal value of IDR 237 billion (USD 14.55 million) out of a total of 1,896,312 new shares issued by KAI with a nominal value of IDR 1.89 trillion.In addition to CITA, other KAI shareholders, such as PT Alamtri Indo Aluminium, an entity of Alamtri Group or adro, and Aumay Mining Pte. Ltd., also absorbed the new shares released by KAI in accordance with their respective ownership proportions.Following this capital increase, CITA now holds 926,430 (12.5%) shares in KAI with a nominal value of IDR 926 billion. Meanwhile, Alamtri Indo Aluminium remains the controlling shareholder with 4,817,435 (65%) shares in KAI, worth a nominal IDR 4.81 trillion, and Aumay Mining Pte. Ltd. holds 1,667,574 (22.5%) shares in KAI with a nominal value of IDR 1.66 trillion.According to Yusak, the transaction carried out by CITA is part of a series of the company's capital injections into KAI this year. As of the current year, the company has reportedly invested capital in KAI with a nominal value of IDR 419.25 billion."This amount covers 5.5% of the company's equity as of December 31, 2024, which was IDR 7.61 trillion," he added.Beyond just increasing capital, Yusak stated that CITA's transaction also aims to support the downstreaming of metal minerals and the development of KAI's aluminum smelter project in the Kalimantan Industrial Park Indonesia industrial estate, Bulungan, North Kalimantan.Through the KAI aluminum smelter, Yusak emphasized that CITA plays a role in the downstreaming program by creating added value for alumina and closing the gap between aluminum supply and demand."There are no unfavorable impacts on the company's operational activities, legal standing, financial condition, or business continuity," he said.
Source https://djakarta-miningclub.com