Boy Thohir Increases Stake in Merdeka Gold (EMAS) via TNT, Citing Confidence in National Economy and Mining Outlook
Key Takeaways
|
JAKARTA, Investortrust.id — PT Merdeka Gold Resources Tbk, or EMAS, has once again drawn investor attention after Indonesian conglomerate Garibaldi Thohir, widely known as Boy Thohir, increased his ownership in the gold mining company. The prominent businessman confirmed that he had repurchased a total of 1.3 million EMAS shares.
The purchase was carried out both personally and through his affiliated company, PT Trinugraha Thohir, or TNT. However, Boy Thohir did not specify the exact date of the transaction.
He said the decision to increase his stake reflected confidence in the strength of Indonesia’s economy and the long-term outlook of Merdeka Gold.
"I made this decision based on my belief in the solid state of the national economy and the promising future of EMAS," Boy Thohir said in an official statement on Tuesday, Oct 14, 2025.
His optimism followed EMAS’s recent announcement of the commencement of first mining operations at the Pani Gold Mine. The milestone marked the start of overburden stripping and the extraction of the mine’s first gold ore.
Boy Thohir described the event as a key milestone for the company and its stakeholders. "This phase is crucial because it marks the beginning of full-scale business operations," he said.
EMAS officially debuted on the Indonesia Stock Exchange on Sept 23, 2025. However, one day later, on Sept 24, Boy Thohir reduced his holdings. Data from the Indonesian Central Securities Depository (KSEI) showed that his name no longer appeared among shareholders with ownership above 5%.
Before the initial public offering, EMAS’s prospectus indicated that Boy Thohir owned about 905.04 million shares, equivalent to a 6.21% stake. With his latest share purchase, he has signaled renewed confidence in Merdeka Gold Resources’ future and the broader strength of Indonesia’s mining sector.