Harta Djaya Karya (MEJA) Moves Forward with Coal Mine Acquisition Plan for Q3 2026
Fri 20 Feb 2026, 01:53 AM
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PT Harta Djaya Karya Tbk (MEJA) is preparing for a major expansion into the mining sector through a planned acquisition of a 45% stake in PT Trimitra Coal Perkasa (TCP). The transaction value is estimated to reach IDR 1.6 trillion, equivalent to approximately 15 times the company's total assets as of June 2025, which were recorded at IDR 107.08 billion.
In a response letter to the Indonesia Stock Exchange (IDX) dated February 13, 2026, the management of HDK outlined the background and projections of this corporate action plan.
The acquisition value of IDR 1.6 trillion refers to an initial agreement based on previous similar transactions with other parties. Although the value significantly exceeds the company's current total assets, management stated that the figure is still subject to change following the valuation results from a Public Appraisal Service Office (KJPP), which is currently in the process of being appointed.
"The Company believes that the acquisition of a 45% ownership stake in TCP will provide concrete valuation benefits to the Company and its shareholders," wrote the President Director of HDK, Richie Adrian Hartanto S, in the information disclosure.
PT Trimitra Coal Perkasa (TCP) is a coal mining company that holds a concession in South Sumatra covering an area of approximately 11,640 hectares.
Standby Buyer Already Secured
Based on a report from South African independent consultant Faan Grobelaar & Associates, TCP's estimated mineable coal resources reach approximately 693.7 million tons. The company is targeted to begin production in 2026 and has secured a standby buyer, Argo Energy Pte. Ltd.—part of the Banpu Group—with a one-year contract.
The company stated that the acquisition will be carried out through a share swap mechanism or share inbreng (contribution in kind) in stages, adjusted to the progress of TCP's production. The initial stage of the transaction is targeted for realization in the third quarter of 2026.
Structure and Valuation Scheme
Responding to issues regarding potential reverse acquisition or backdoor listing, management ensured that this transaction would not change the company's controlling structure. HDK's controlling shareholders are said to maintain control post-acquisition.
In determining the valuation, HDK utilized the Discounted Cash Flow (DCF) approach, which is considered more conservative as it is based on operational performance projections and does not depend on stock price fluctuations. The projection uses a coal selling price assumption of USD 26 per ton, lower than the price range informed by TCP, which is USD 28–32 per ton.
This expansion plan represents a strategic transformation step for HDK, moving from its current business scale toward the ownership of large-scale natural resource assets within the next year.
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