J Resources on Good Terms with Merdeka Copper

By Editorial Team 03/01/2022
Assets
Summary

PT J Resources Asia Pacific Tbk (PSAB) sold all its subsidiary’s shares in PT Gorontalo Sejahtera Mining (GSM) to PT Andalan Bersama Investama for US$150 million or Rp 2.13 trillion. PSAB's subsidiary, PT J Resources Nusantara, sold 751.94 million GSM shares, priced at Rp 2,167 per share, to Andalan Bersama, which is an affiliate of one of PT Merdeka Copper Gold Tbk’s (MDKA) controlling shareholders, PT Provident Capital Indonesia.

Based on the information disclosure submitted to the Indonesia Stock Exchange on December 31, 2021, PSAB stated that the divestment would allow the company to develop other gold mining assets. It would increase PSAB’s liquidity, which could be used as working capital for the company and its subsidiaries, and reduce loans.

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