Jakarta, 25 September 2023 – PT Petrindo Jaya Kreasi Tbk (the “Company”) has executed a Conditional
Sale and Purchase Agreement (CSPA) with PT Indika Indonesia Resources (“IIR”) and Indika Capital
Investments Pte. Ltd. (“ICI”), both subsidiaries of PT Indika Energy Tbk (“Indika”), to acquire 100%
ownership of PT Multi Tambangjaya Utama (“MUTU”) on 22 September 2023.
Under the terms of the CSPA, the company will acquire all 2,263,030,000 shares in MUTU, which
includes the associated Marketing Rights owned by ICI, for a total consideration of US $218 million.
This acquisition of ownership shares in MUTU is a fundamental component of the Company’s longterm strategy aimed at enhancing operational performance to be more cost efficient and effective by
integrating its operation and fortifying its business portfolio in high-calorie thermal coal and
metallurgical coal.
Daniel J. Laurente, Director of Petrindo said, “Our complete ownership of MUTU will not only elevate
Petrindo’s annual production, but also strengthen our operation in Central Kalimantan, where most of
our asset is located. It solidifies our position as a producer of high-quality thermal coal, delivering
superior efficiency and a competitive advantage to our valued customers.”
MUTU is a bituminous thermal and coking coal mining company situated in Central Kalimantan,
holding a 3rd generation CCOW (Coal Contract of Work) with a vast concession area spanning 24,970
hectares. Since commencing production in 2016, MUTU has demonstrated remarkable growth and
achieved record profits in 2022.