Singapore' WILTON Resources Holding, parent company of Indonesian gold miner PT Renuka Coalindo Tbk (IDX:SQMI) will conduct a mandatory tender offer to buy the rest of the new unit to fulfill the bourse rule - Photo by the Company

JAKARTA (TheInsiderStories)– Singapore’ Wilton Resources Holding, parent company of Indonesian gold miner PT Renuka Coalindo Tbk (IDX:SQMI) will conduct a mandatory tender offer to buy the rest of the new unit to fulfill the bourse rule. Currently, public hold 1.50 percent of Renuka’ shares, while WILTON owned 96.95 percent.

The miner set the tender offer price Rp250 (US$0.018) a share. The implementation of the tender offer will begin on Sept. 24 until Oct. 23 helped by PT Valbury Sekuritas Indonesia.

WILTON has become a controlling shareholder of coal miner, after the company absorbed 15.06 billion shares at a price or around Rp3.76 trillion. This acquisition aims to sustain the expansion of Wilton’ business in Indonesia which focuses on gold mining in the region. Renuka will engaged in gold mining services after the acquisition.

The local miner is currently building a gold processing plant located in Sukabumi, West Java. This processing plant is able to operate in the upcoming June 2019. For this, the company allocates capital expenditure for this factory or processing facility of $26 million.

The company targets the gold production done at Ciemas Gold Project in West Java, to start operating in June 2019. The mine has reserves of 26 tons of gold content and is targeted to produce 185,000 troy ounces per year.

It said, the funds will be budgeted to build a gold production infrastructure with a capacity of 500 tons per day and to distribute to the domestic market.

Until the end of December 2018, Renuka recorded a profit of $52,157, down 45 percent compared to 2017 amounting to $95,110. The decrease in profit was in line with the company’ revenue which also fell to $199,625 from $246,658 in a previous year.

The income was only obtained from PT Wilton Wahana Indonesia. This is different compared to revenues in 2017 where the company still booked revenue from joint operations with Seluma Prima Coal and PT Marlin Serantau Alam.

As of December 2018, the company’ majority shareholder is Renuka Energy Resource Holdings 80 percent, Credit Suisse AS Singapore Trust A 6.05 percent and public 13.19 percent.

The miner owns and operates thermal coal mine in Jambi through its subsidiary. The miner also provides marketing services to other coal miners for exports to India.

Wilton Resources is a limited company that was founded on Oct. 21, 2011 in Singapore. The purpose of this control is to expand the company’ business activities in Indonesia.

The main shareholder of the gold miner are Wijaya Lawrence 23.91 percent, who is the founder of this company. The remaining held by Ngiam Mia Je Patrick 14.94 percent, Seah Cheong Leng and Ng Suk Kian 8.43 percent, Winstet Chong Thim Phem 8.06 percent, and Law Hui Kun 7.77 percent.

US$1: Rp14,100

Written by Staff Editor, Email: theinsiderstories@gmail.com