PT Petrosea Tbk (PTRO) will have a new controlling share. The coal mining issuer affiliated with tycoon Prajogo Pangestu, namely PT Petrindo Jaya Kreasi Tbk (CUAN), is expanding its business portfolio to the mining contractor segment, by acquiring some of PTRO’s shares.
This acquisition was carried out by CUAN through PT Kreasi Jasa Persada which is a direct subsidiary controlled and owned 99.98% by CUAN.
On Tuesday 7 November, CUAN announced negotiations to take over PT Petrosea’s shares based on a conditional share purchase agreement dated 7 November.
The number of PTRO shares planned to be purchased and taken over by Kreasi Jasa Persada based on the conditional share purchase agreement is 342.92 shares or representing 34% of the total paid-up and issued capital of PTRO.
Once the transaction is completed, Kreasi Jasa Persada will become the new controller of PTRO
Samuel Sekuritas Indonesia analyst Daniel Widjaja assesses that this acquisition will benefit PTRO, especially because of the potential for new projects from CUAN and the Barito Group ecosystem.
“Apart from that, there is the possibility of a tender offer from the new owner to minority investors,” said Daniel in research, Tuesday (28/11).
CUAN management did not provide further details on the price of this acquisition. However, based on the closing price of PTRO on November 7 2023 at IDR 4,240, the estimated transaction value reaches IDR 1.5 trillion.
Daniel assesses that this mining contractor issuer has a fairly bright outlook for the remainder of this year and next year. First, there is the potential for a higher volume of cover layer, aka overburden removal. Second, the potential for getting a new contract. Third, the development of PTRO from just a contractor to a mine owner.
Samuel Sekuritas projects that PTRO will post revenue of USD 537 million this year or an increase of 12.8% year-on-year (YoY) and will increase 5.4% next year to USD 566 million.
PTRO is currently working on 8 engineering-procurement-construction (EPC) projects, most of which come from PT Freeport Indonesia, with a total contract value of USD 518 million.
Until the end of October 2023, PTRO has pocketed a turnover of USD 219 million or 42.3% of the total contract value and there is still around USD 299 million remaining which will be recorded until the end of 2026.
“We are confident that these projects will provide a strong foundation for PTRO in the future,” continued Daniel.
Image source >>> PTRO
Source >>> https://investasi.kontan.co.id/news/diakuisisi-petrindo-cuan-begini-prospek-kinerja-petrosea-ptro-ke-depan
Source https://djakarta-miningclub.com