Jardine C&C Units Acquiring Indonesian Gold Mining Company for $693 Million

Singapore-based Jardine Cycle & Carriage revealed on September 15 that two of its indirect subsidiaries have struck a deal to acquire Arafura Surya Alam (ASA) for a total of US$540 million (S$693 million). The target company holds a mining business for the Doup mining block located in North Sulawesi, Indonesia. This acquisition marks a significant move for Jardine Cycle & Carriage in expanding its presence in the Indonesian mining industry. An official statement from the company highlighted the strategic importance of this investment in ASA as a beneficial addition to its diversified portfolio. In line with their long-term growth strategy, Jardine Cycle & Carriage’s subsidiaries, through Danusa Tambang Nusantara and Danatama Makmur, aim to leverage ASA’s mining capabilities to enhance their operations. The agreement underscores the subsidiaries’ commitment to sustainable growth and value creation in the Indonesian mining sector.