CITA acquires stake in aluminium smelting and power plant companies in North Kalimantan
The Indonesia-based company engaged in bauxite mining and alumina production, PT Cita Mineral Investindo Tbk (CITA), will be involved in two businesses in Bulungan, North Kalimantan, one of which manages an aluminium smelting facility and the other a power plant. However, PT Kalimantan Aluminium Industry (KAI) and PT Kaltara Power Indonesia are both third parties (KPI).
On December 23, 2022, Yusak Lumba Pardede, the Director of CITA, said, "The transaction value of both companies' shares acquisition clocked to IDR 674.18 billion. The acquisition took place on December 20, 2022. The investment in KAI and KPI is intended to realise our plan to increase the value of minerals."
CITA has acquired 330,624 unit shares out of KAI's total paid-up capital of 925,748. CITA IDR 330.62 billion, or approximately USD 21.30 million, was required. Aumay Mining Pte Ltd claims the remaining issued shares of CITA.
KAI will use CITA's equity participation to design, build, operate, and maintain the aluminium smelting plant.
Then, CITA purchased 23,694 shares of KPI for IDR 343.56 billion ($23.69 million). The electricity required for the aluminium smelter project in Kalimantan Industrial Park, Bulungan, is anticipated to be provided by KPI's power plant.
Vedanta lifts its aluminium ingot price by INR1250/t on January 6 after a slash on the previous day
Next articleNALCO reduces its aluminium ingot price by INR9400/t on Jan 6 in line with LME price contract
Grow with
AL Circle
