PT Rajawali Corp, an Indonesian conglomerate owned by tycoon Peter Sondakh, is reportedly considering selling majority ownership in the gold mining company PT Archi Indonesia Tbk (ARCI).
According to rumors circulating among market players, the conglomerate is reportedly working with financial advisors regarding the potential divestment and may decide to retain its shares.
As of 15.00 WIB, Archi’s shares jumped 13.61% today. ARCI shares have risen around 15.66% this year, with a market cap of around IDR 9.54 trillion.
Acquisition discussions are said to be ongoing and there is no certainty that the Indonesian conglomerate will continue the sale.
Founded in 2009, Archi is one of the largest pure gold producers in Indonesia and Southeast Asia, according to its website.
This company, which is headquartered in Jakarta, owns the Toka Tindung gold mine in North Sulawesi. The asset has produced around 1.9 million ounces of gold in 2020, supported by a processing plant capacity of 3.6 million tons per year.
Source : CNBC