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15 Oct 2021, 14:00 WIB

IATA Ventures Into Energy Business, Plans Acquisition of Coal Mining Companies

Jakarta, 15 October 2021 - PT Indonesia Transport & Infrastructure Tbk (IATA) has signed a Memorandum of Understanding to acquire PT MNC Energi from PT MNC Investama Tbk (BHIT) as the majority shareholder.

Post transaction, IATA will become the holding entity for all the coal companies of MNC Group. IATA is preparing to take over:

- PT Bhakti Coal Resources, a coal mining exploration and exploitation company in South Sumatra which is also the parent company of companies holding several Mining Business Permits, such as PT Putra Muba Coal, PT Bhumi Sriwijaya Perdana Coal, PT Indonesia Batu Prima Energi, PT Arthaco Prima Energi, PT Sumatra Resources, PT Energi Inti Bara Pratama, PT Sriwijaya Energi Persada, PT Titan Prawira Sriwijaya, PT Primaraya Energi, and PT Putra Mandiri Coal, which together have an estimated resource of 1.75 billion MT and an estimated reserve of 750 million MT

- PT Nuansacipta Coal Investment, a coal mining exploration and exploitation company in East Kalimantan

- PT Suma Sarana, an oil exploration company in Papua

This acquisition is subject to the outcome of the due diligence and valuation of PT MNC Energi. Under the assumption that all due diligence processes run smoothly, IATA will immediately seek OJK's approval, with a target transaction completion date of end of Q1 2022.

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