Jardine Cycle & Carriage Limited (JC&C) has announced a significant move to bolster its mineral business through the acquisition of shares in PT Arafura Surya Alam (ASA) by its indirect subsidiaries, PT Danusa Tambang Nusantara (DTN) and PT Energia Prima Nusantara (EPN). The acquisition, valued at US$540 million, involves purchasing nearly all shares of ASA and a minority stake in PT Mulia Bumi Persada (MBP).
DTN and EPN, both wholly-owned subsidiaries of PT United Tractors Tbk (UT), will acquire 99.99996% and 0.00004% of ASA’s shares respectively. ASA, a non-operating company in Indonesia, holds a Mining Business Licence for the Doup Block, a site with significant gold reserves. The acquisition aims to expand UT’s mineral sector presence, with production anticipated to begin around 2028.
The transaction is contingent upon several conditions, including creditor and regulatory approvals, and is expected to be completed by 23 December 2025. The acquisition will not materially impact JC&C’s earnings per share or net tangible assets per share for the financial year 2024.
This strategic acquisition underscores JC&C’s commitment to expanding its footprint in the mineral sector, leveraging ASA’s gold reserves to enhance its portfolio.
