Moments Before Listing on Hong Kong Stock Exchange, EMAS Secures Backing from Glencore and Others
PT Merdeka Gold Resources Tbk (EMAS) has garnered support from a group of global investors and financial institutions for its planned share listing on the Hong Kong Stock Exchange (HKEX). The move is part of the company’s effort to strengthen Indonesia’s position in the global supply chain through the development of the Pani Gold Mine in Gorontalo. President Director of Merdeka Gold Resources Boyke P. Abidin explained that the participation of these investors represents global recognition of the company’s asset quality. He stated that the commitment from these international financiers reflects market optimism towards the company’s long-term growth prospects and execution capabilities. The cornerstone investors providing support include global commodity giants such as Glencore International AG, Trafigura Pte. Ltd., and Mercuria Holdings (Singapore) Pte. Ltd. Additional backing comes from prominent financial institutions like Ping An of China Asset Management (Hong Kong) Company Limited and GF (Guangfa) Fund Management Co., Ltd. The company commenced the bookbuilding period for international institutional investors today, which will run until 23 June 2026. The cornerstone investors have committed to absorbing 50% of the shares offered in the base offering, which is the maximum limit according to the listing rules applicable on the HKEX. Overall, the global offering represents approximately 7% of the company’s issued capital after the exercise of the greenshoe option. All shares offered are secondary shares sold by minority shareholders, while the controlling shareholder, PT Merdeka Copper Gold Tbk (MDKA), will retain all of its strategic ownership. The Pani Gold Mine is one of the primary gold assets in Asia, with mineral resources totalling 7.0 million ounces of gold. Through a phased development strategy, its processing capacity is projected to increase to 22 million tonnes per year by 2028, with highly competitive estimated production costs.