Share Price Surges, Techno9 Indonesia (NINE) Prepares to Acquire Mine via Rights Issue

JAKARTA. The share price of PT Techno9 Indonesia Tbk (NINE) soared during the Annual General Meeting of Shareholders (AGMS) of the issuer. According to Kontan monitoring, NINE’s share price jumped 9.93% to Rp 166 per share on Tuesday (21/4) afternoon. Over the past month, the issuer’s share price has risen 33.87%. NINE held its AGMS in Jakarta today at 14.00 WIB. One of the main agendas of the AGMS is approval for the plan to increase capital by granting pre-emptive rights (PMHMETD) or rights issue. In previous news, Techno9 Indonesia’s President Director Nuzwan Gufron stated that the option to purchase a mine asset in Mongolia owned by Poh Golden Ger Resources Pte Ltd (PGGR) will have a positive impact on the company’s shareholders. PGGR has signed a Framework Agreement for mining cooperation with a large-scale Engineering, Procurement and Construction + Finance (EPC+F) contractor in Mongolia. The EPC+F plans to invest more than US$100 million to implement the operational mining of Poh Group or NINE and PGGR projects, with an annual production capacity projected to exceed 20 million tonnes. Through this strategic partnership, Poh Group and NINE will not bear capital expenditure (capex), either for their own mines or for joint operations with Poh Group and NINE.