Jakarta, CNBC Indonesia – The listed oil and gas contractor, PT Petrosea Tbk (PTRO), obtained a contract value of US$ 100 million or around Rp. 1.42 trillion, assuming an exchange rate of Rp. 14,250 per US$.
The cooperation contract was carried out by the company together with PT Mekko Metal Mining as the client and PT Perkasa Investama Mineral as the guarantor of the client.
“This type of contract is related to a cooperation agreement for the bauxite project,” said Director of PTRO, Meinar Kusumastuti, in his explanation at the information disclosure on the Indonesia Stock Exchange (IDX), Friday (12/3/2021).
Meinar added, the contract will be implemented for a period of five years. The Company and its clients are not affiliated parties.
“The new contract will provide additional income and strengthen the company’s financial condition,” he said.
CNBC Indonesia noted that previously, in mid-October 2021, the company, which is partly owned by veteran investor Lo Kheng Hong, obtained a contract value of US$ 265 million or Rp. 3.77 trillion, assuming an exchange rate of Rp. 14,250 per US$.
These types of contracts are in the form of mining service agreements and equipment rental agreements with a period of 4 years.
Petrosea’s Corporate Secretary, Anto Broto said, the company will be the party to carry out project management and PT Karya Bhumi Lestari, a subsidiary company, will be the contractor.
Meanwhile, PT Hardaya Mining Energy and PT Central Cipta Murdaya as clients and providers of payment guarantees for payment obligations to PT Karya Bhumi Lestari and the company.
Currently, the company and its subsidiaries have no affiliation with PT Hardaya Mining Energy and PT Central Cipta Murdaya.
“The acquisition of the contract will provide additional income and strengthen the company’s financial condition,” said Anto Broto, in an information disclosure, Tuesday (12/10/2021).
For information, currently Petrosea is still controlled by PT Indika Energy Tbk (INDY) with a share ownership of 69.80%. Lo Kheng Hong is recorded to have a 15.01% share ownership and the remaining 13.50% are public shareholders and 1.68% treasury shares.
This Friday, the stock price of the issuer codenamed PTRO was observed to have strengthened by 2.59% to a level of Rp. 2,380 per share with a market capitalization of Rp. 2.40 trillion.
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