By Rara Suratmi
Hong Kong-listed Chinese firm China Qinfa Group Limited announced on Friday the acquisition of 100% equity interest in PT Widyanusa Mandiri (BNSI), a company based in Indonesia, through two separate transactions valued at approximately USD 8.5 million. The deal was formalized through two Sale and Purchase Agreements (SPA) signed on March 28, 2025.
Under the first agreement, Skyhigh Energy Investment Limited, a wholly-owned subsidiary of China Qinfa, acquired 99% of PT Widyanusa Mandiri's shares from PT Cakrawala Karya Energi for IDR 140.21 billion (approximately USD 8.5 million). The second agreement saw Hong Kong Qinfa Trading Limited, another subsidiary of the company, acquire the remaining 1% from Mr. Asrullah S for IDR 50 million (approximately USD 3,000).
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Widyanusa Mandiri has a 25 percent share in PT Sumber Daya Energi (SDE), which is involved in underground coal mining operations in South Kalimantan. Prior to the acquisition, SDE is 75percent owned by Lead Far Development Limited, another subsidiary of China Qinfa.
The acquisition is classified as a connected transaction under Hong Kong's Listing Rules, as the Sellers are considered associates of China Qinfa. The Board of Directors, including independent non-executive directors, have confirmed the transaction is fair and reasonable and in the interest of the company and its shareholders.
Editing by Reiner Simanjuntak
