Jakarta. Merdeka Gold Resources (EMAS) began trading on the Main Board of the Hong Kong Stock Exchange on Friday through a Hong Kong Depositary Receipts (HDR) listing, marking the first dual listing by an Indonesian company in Hong Kong in more than two decades.

The company's HDRs started trading at 9:30 a.m. Hong Kong time at an offer price of HK$26.60 per HDR, with each board lot consisting of 100 HDRs.

The listing represents a milestone both for Merdeka Gold Resources and Indonesia's capital market, becoming the first Indonesian issuer to secure a dual listing on the Hong Kong Stock Exchange in over 20 years. It is also the first HDR listing in Hong Kong in more than a decade.

President Director Boyke Poerbaya Abidin said the secondary listing would broaden the company's access to international investors while raising its profile in global capital markets.

"The successful listing on HKEX marks an important milestone for Merdeka Gold Resources and strengthens Indonesia's presence in global capital markets," Boyke said on Friday.

"The transaction provides wider access for international investors to gain exposure to one of Indonesia's most significant gold growth assets and reflects confidence in the quality of the Pani Gold Project."

The company expects the dual listing to expand its investor base, improve global visibility, and support its next phase of growth.

Merdeka Gold Resources owns and operates the Pani Gold Project in Gorontalo, one of Indonesia's largest undeveloped gold deposits. The company is a majority-owned subsidiary of Merdeka Copper Gold (MDKA).

No Shareholder Dilution
The company said the HDR transaction would not dilute existing shareholders.

Under the transaction structure, controlling shareholder Merdeka Copper Gold did not sell any shares, leaving the company's issued and paid-up capital unchanged.

Management said the primary objective of the listing was to broaden the company's international investor base while maintaining its existing ownership structure.

"This structure is designed to expand the company's international investor base while preserving the current ownership profile," the company said.

Merdeka also said no HDR holder beneficially owns more than 5% of the total outstanding HDRs, allowing the securities to comply with free-float requirements applicable to the underlying shares listed on the Indonesia Stock Exchange.

Global Investors Participate
The offering attracted several global institutional investors as cornerstone investors.

Strategic investors include Wanguo Gold Group Limited, CNGR Hong Kong Material Science & Technology Co. Limited, and major commodity trading firms such as Mercuria Holdings (Singapore), Trafigura, Glencore International, and Intera Mining Investment Limited, a wholly owned subsidiary of JCHX Mining Management.

Financial investors participating in the offering include Ping An of China Asset Management (Hong Kong), GF Fund Management, Eurus Holdings SPC backed by ORIX, Dymon Asia Multi-Strategy Investment Master Fund, and Wind Sabre Fund SPC.

The company said the participation of prominent global investors demonstrates international confidence in the long-term prospects of the Pani Gold Project and Merdeka Gold Resources' growth strategy.

Through the dual listing, Merdeka expects to gain broader access to international capital markets to support future strategic projects while strengthening Indonesia's position among global investors.