Jakarta - PT Cita Mineral Investindo Tbk (CITA) invested in PT Kalimantan Aluminum Industri (KAI) and PT Kaltara Power Indonesia (KPI) with a value of Rp674.187 billion.

The company acquired 330,624 shares from 925,748 issued by KAI, according to CITA Director Yusak Lumba Pardede.

KAI will use the funds obtained from the issuance of the new shares for the design, construction, operation, and maintenance of an aluminum processing plant with a capacity of up to 2 MTPA (million tons per annum) owned by KAI located in Kalimantan Industrial Park, North Kalimantan.

In addition, the company also took all 23,694 new shares issued by KPI.

KPI will use the funds obtained from the issuance of the new shares for the design, construction, operation, and maintenance of KPI's power generating unit, aiming to support the electricity needs of KAI's smelter project, . The smelter is located in Kalimantan Industrial Park, North Kalimantan.

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