Prajogo Pangestu Grows Aggressively Expansive on Mining Business

By Editorial Team 01/11/2023
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Summary

Conglomerate Prajogo Pangestu expanded into the mining industry after controlling the wood and petrochemical businesses. Through PT Petrindo Jaya Kreasi Tbk (CUAN), Prajogo Pangestu has acquired a silica sand mining company in East Kalimantan. In a public disclosure to the Indonesia Stock Exchange (BEI), CUAN's CEO and Corporate Secretary Michael stated that PT Prima Mineral Investindo (PMI), a subsidiary of the company, has signed a conditional sale and purchase agreement (PPJB) to purchase 85 percent stake in PT Sepekat Salut Sejahtera (SSS).

According to Michael, SSS has obtained a mining business license (IUP) for silica sand in Kutai Kartanegara, East Kalimantan, covering an area of 98.61 hectares. "The transaction will be completed after obtaining approval from the Energy and Mineral Resources Minister," he said on Oct 31. Aligning with its initial purpose, PMI will become one of CUAN's subsidiary entities that acts as a holding enterprise for companies operating in the mineral mining sector, such as silica sand or quartz.

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