Global Investors to Absorb EMAS Shares Ahead of Hong Kong Stock Exchange IPO

PT Merdeka Gold Resources Tbk (EMAS) plans to conduct an initial public offering (IPO) on the Hong Kong Stock Exchange (HKEX), having already secured commitments from a number of global investors to facilitate the move. The issuer, which manages the Pani Gold Mine in Gorontalo, has received support from several cornerstone investors, comprising strategic industry players and global financial investors. These cornerstone investors include Wanguo Gold Group Limited and CNGR (Hong Kong Material Science & Technology) Co. Limited, as well as leading commodity trading firms such as Mercuria Holdings (Singapore) Pte. Ltd., Trafigura Pte. Ltd., Glencore International AG, and Intera Mining Investment Limited (wholly owned by JCHX Mining Management Co Ltd). Financial investors include Ping An of China Asset Management (Hong Kong) Company Limited, GF (Guangfa) Fund Management Co., Ltd., Eurus Holdings SPC (ORIX), Dymon Asia Multi-Strategy Investment Master Fund, and Wind Sabre Fund SPC. Merdeka Gold Resources President Director Boyke P. Abidin stated that the support from global investors is recognition of the company’s asset quality, execution capability, and long-term growth prospects. “The commitment of global investors in this transaction reflects confidence in the quality of the Pani Gold Mine, the company’s execution capability, and our long-term growth prospects,” Boyke said in a written statement on Wednesday (17/6/2026). The company will commence the bookbuilding process for international institutional investors on Wednesday, lasting until 23 June 2026. Ahead of the marketing process, cornerstone investors have committed to absorb 49.9% of the shares offered in the base offering, the maximum limit under HKEX listing rules. The global offering represents approximately 7% of the company’s issued capital after the exercise of the greenshoe option. All shares offered in the transaction are secondary shares sold by minority shareholders. Controlling shareholder PT Merdeka Copper Gold Tbk (MDKA) will not sell its shares and will retain its entire strategic stake in Merdeka Gold Resources. The planned HKEX listing is supported by UBS and CITIC Securities as the primary sponsors. Morgan Stanley, HSBC, CICC, and Macquarie act as Joint Overall Coordinators, Joint Global Coordinators, and Joint Bookrunners. Other international financial institutions, including DBS, Mizuho, OCBC, UOB Kay Hian, Société Générale, Natixis, and Crédit Agricole, are participating as Joint Bookrunners and Lead Managers. In a related development, a jumbo transaction involving EMAS shares occurred in the first trading session on Wednesday (17/6/2026). A total of 455.11 million shares were transacted at an average price of 6,170, bringing the total transaction value to Rp 2.81 trillion. The negotiation market transaction accounted for approximately 40% of total market transactions as of 11:00 WIB. At the time of reporting, there was no information regarding the purpose of the transaction or the parties involved. Following the transaction, EMAS shares fell 3.57% to 6,750, after touching a daily high of 7,225. Based on the Monthly Securities Registration Report as of the end of May 2026, Edwin Soeryadjaya and Winato Kartono are listed as the ultimate beneficial owners of EMAS. Winato directly owns 548.77 million EMAS shares (3.72%) and also controls EMAS through PT Merdeka Copper Gold Tbk (MDKA). Edwin controls EMAS through MDKA, PT Saratoga Investama Sedaya Tbk (SRTG), PT Nugraha Eka Kencana, and PT Unitras Kapital Indonesia. MDKA holds 63.33% of EMAS shares.