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Internal restructuring and capital increase in subsidiary

On January 31, 2020, PT Blackmas Makmur (“BMM”) and Newspring Coal Resources Pte. Ltd. (“Newspring”) transferred 13.000 and 2.600 shares in PT Persada Makmur Sejahtera (“PMS”) to PT Andalan Mas Sejahtera (“AMS”).

On the same day, PMS has:

  1. increased its authorized capital from Rp.5,200,000,000 to Rp.100,000,000,000;
  2. increased its issued and paid-up capital from Rp.5,200,000,000 to Rp.32,077,600,000, with the issuance of 268,776 new shares which were subscribed by AMS

Shareholding structure of PMS after the above changes is:

Shareholder

Number of Shares

Issued and Paid-up Capital

AMS

284,376

Rp.28,437,600,000

Hillmas Coal Pte.Ltd

(“Hillmas”)

36,400

Rp.3,640,000,000

Total

320,776

Rp.32,077,600,000

BMM, Newspring, PMS, AMS, dan Hillmas are subsidiaries of the Company.