Half of EMAS IPO Allocated to Global Investors as Merdeka Gold Resources Targets Hong Kong Listing
PT Merdeka Gold Resources Tbk (EMAS) has secured strong backing from a group of strategic and global financial cornerstone investors ahead of its planned listing on the Hong Kong Stock Exchange (HKEX).
The strategic investors include Wanguo Gold Group Limited, CNGR (Hong Kong Material Science & Technology) Co. Limited, Mercuria Holdings (Singapore) Pte. Ltd., Trafigura Pte. Ltd., Glencore International AG, and Intera Mining Investment Limited, a wholly owned subsidiary of JCHX Mining Management Co. Ltd.
Meanwhile, financial cornerstone investors comprise Ping An of China Asset Management (Hong Kong) Company Limited, GF (Guangfa) Fund Management Co., Ltd., Eurus Holdings SPC (ORIX), Dymon Asia Multi-Strategy Investment Master Fund, and Wind Sabre Fund SPC.
Global Offering Attracts Strong Investor Demand
EMAS will begin its international institutional bookbuilding process from June 17 to June 23, 2026.
Cornerstone investors have collectively committed to subscribe to 49.9% of the shares offered in the base offering, representing the maximum allocation permitted under HKEX listing regulations.
The global offering represents approximately 7% of EMAS' enlarged issued share capital after the full exercise of the greenshoe option. All shares offered in the transaction are secondary shares sold by minority shareholders.
PT Merdeka Copper Gold Tbk (MDKA), the controlling shareholder of EMAS, will not participate in the share sale and will retain its entire strategic ownership stake in Merdeka Gold Resources.
The Hong Kong listing is being sponsored by UBS and CITIC Securities, while Morgan Stanley, HSBC, CICC, and Macquarie are serving as Joint Overall Coordinators, Joint Global Coordinators, and Joint Bookrunners.
Several international financial institutions, including DBS, Mizuho, OCBC, UOB Kay Hian, Société Générale, Natixis, and Crédit Agricole, are also participating as Joint Bookrunners and Lead Managers.
Global Investors Recognize EMAS Growth Potential
Merdeka Gold Resources President Director Boyke P. Abidin said the participation of leading global investors reflects confidence in the company's asset quality, operational execution capabilities, and long-term growth prospects.
"The support from global investors in this transaction reflects confidence in the quality of the Pani Gold Project, EMAS' execution capabilities, and our long-term growth potential," Boyke said in an official statement on Wednesday (June 17, 2026).
Pani Gold Mine Strengthens EMAS Investment Story
As of December 31, 2025, the Pani Gold Mine held mineral resources of approximately 7.0 million ounces of gold and ore reserves of 5.2 million ounces, making it one of Asia's most significant primary gold deposits.
Notably, the current mineral resource estimate is derived from only a small area of approximately 135 hectares surrounding the main Pani pit, compared with the company's total concession area of 14,670 hectares.
Recent drilling activities at the Kolokoa Prospect, located around one kilometer from the main Pani pit, were conducted over a six-month period and added approximately 445,000 ounces of gold to the mine's mineral resource estimate. As a result, total mineral resources at the Pani Gold Mine have increased to approximately 7.4 million ounces of gold.
Production Capacity Set to Expand by 2028
Under its phased development strategy, the Pani Gold Mine's processing capacity is expected to increase to 22 million tonnes per year by 2028.
The expansion is projected to support peak annual gold production of approximately 545,000 ounces, reinforcing EMAS' position as one of Southeast Asia's leading gold producers and enhancing its long-term value proposition for international investors.
EMAS HKEX Listing Highlights
Cornerstone investors committed to 49.9% of offered shares.
Global offering represents around 7% of enlarged share capital.
Pani Gold Mine resources increased to 7.4 million ounces.
Processing capacity targeted to reach 22 million tonnes annually by 2028.
Peak gold production projected at approximately 545,000 ounces per year.
MDKA retains full strategic ownership stake in EMAS.