Jakarta - The business entity of PT Indika Energy Tbk (INDY), PT Indika Mineral Investindo (IMI), has completed the acquisition of 100% of the shares of PT Perkasa Investama Mineral (PIM).

"The transaction value of US$5 million is equivalent to Rp74,899 billion," said Indika Corporate Secretary Adi Pramono in an information disclosure on Thursday (9/29).

He added that this transaction is one of the company's steps as a group to expand its business into the non-coal sector, especially bauxite minerals.

PIM has business activities to carry out management consulting activities and wholesale metal and metal ore trading.

PIM has two subsidiaries: PT Mekko Metal Mining, which is engaged in the bauxite ore mining business, and PT Perkasa Alumina Indonesia, which is engaged in the non-ferrous base metal manufacturing industry.