Get Rp. 300 Billion, Sri Prakash Conglomerate Captures Gold Mine

Jakarta, CNBC Indonesia – The textile industry raw material issuer, PT Indorama Synthetics Tbk (INDR), acquired a majority stake PT Cikondang Kancana Prima (CKP), gold mining and processing company in Cianjur, West Java.

President Director of INDR, Vishnu Swaroop Baldwa, through the disclosure of information on the Indonesia Stock Exchange (IDX), reported that he had acquired 80% of CKP’s shares through a conditional sale and purchase agreement on 23 December 2020 from the previous shareholders.

“Indorama’s total investment for this acquisition transaction is Rp. 300 billion, including Rp. 50 billion, which is given as an interest loan to affiliated selling shareholders,” said Visnhu, quoted on Tuesday (29/12/2020).

There is no material or operational, legal or financial condition impact that affects the company from this transaction. According to the plan, if it gets approval from the regulator, this transaction can be realized in the first quarter of next year.

For information, INDR is a company engaged in the textile industry whose shareholder structure is currently 34.03% owned by PT Indorama Holdings BV, 25% PT Irama Investama, and 40.97% public shares.

This issuer is affiliated with Sri Prakash Lohia, the fifth richest person in Indonesia according to Forbes magazine. He is also listed as President Commissioner of this issuer. Forbes noted that as of Tuesday (29/12), Sri had a net worth of US $ 6.2 billion or the equivalent of Rp. 87 trillion (exchange rate of Rp. 14,000 / US $).

Indorama Synthetics was first established in 1975 and started production for the first time a year later at a cotton spinning factory in Purwakarta, West Java.

Currently, the company’s INDR is expanding its spun yarn business and diversifying its production lines into yarns such as polyester filament, polyester staple fiber, PET resin, to polyester chip.

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