Receh.in - Two entities owned by PT Adaro Energy Indonesia Tbk (ADRO), PT Kalimantan Alumunium Industry and PT Kaltara Power Indonesia, have received funding from PT Cita Mineral Investindo Tbk (CITA).
ADRO has announced that PT Kalimantan Aluminium Industry (KAI) has signed a conditional share purchase agreement with PT Cita Mineral Investindo Tbk (CITA) and Aumay Mining Pte Ltd. KAI is a company that is 99.99% indirectly owned by Adaro.
In a public disclosure on Thursday (12/22/2022), ADRO Company Secretary Mahardika Putranto explained that under the agreement, KAI will issue 925,748 new shares with a total nominal value of IDR 925,748 billion (equivalent to US$ 59,657,999).
All of these shares will be taken up by CITA, totaling 330,624 new shares with a total nominal value of IDR 330,624 billion (equivalent to US$ 21,306,428). After this share purchase, CITA will own 12.5% of KAI's paid-in and fully subscribed capital.
Then, Aumay will take up 595,124 new shares with a total nominal value of IDR 595,124 billion (equivalent to US$ 38,351,571). After this share purchase, Aumay will own 22.5% of KAI's paid-in and fully subscribed capital.
"The funds obtained from the issuance of shares will be used by KAI for the planning, construction, operation, and maintenance of an aluminum smelter with a capacity of up to 2 million tons per year, located at the Kalimantan Industrial Park Indonesia in the Bulungan District, North Kalimantan," said Mahardika.
In addition, PT Kaltara Power Indonesia (KPI), a limited liability company that is 99.99% indirectly owned by Adaro, has signed a conditional share purchase agreement with Cita Mineral Investindo.
Under the agreement, KPI will issue 23,694 new shares with a total nominal value of US$ 23,694,000 (equivalent to IDR 343,563 billion) which will be fully taken up by CITA as a non-affiliated shareholder.
The funds obtained from the issuance of shares will be used by KPI for the planning, construction, operation, and maintenance of power generation units owned by KPI, which will support the electricity needs of KAI's aluminum smelter project, located at the Kalimantan Industrial Park Indonesia in the Bulungan District, North Kalimantan.
This transaction will support the company's operational activities and business sustainability, by strengthening the funding and business development of the company's subsidiary in the aluminum processing and power generation sectors," said Mahardika.
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