EMAS Seeks Dual Listing on Hong Kong Exchange

• EMAS’ strategic application for a dual listing on the HKEX to expand into global capital markets.

• The Pani Gold Project’s transition to commercial production to drive long-term institutional growth.

By Emirsyah Kevin Mecca, Attala Sabian Andhika, Maria Ella Risandra Puruhita, Nashwah Putri Az-Zahra

March 27, 2026, at 16:30 GMT+7

PT Merdeka Gold Resources TBK (EMAS) has submitted a dual listing application on the Hong Kong Exchanges and Clearing Limited (HKEX). The company filed its draft application (Form A1) on Friday (3/20), declaring UBS Securities and Citic Securities as joint sponsors.

Read More: Mastercard to Acquire BVNK in US$1.8 Billion Deal This strategic decision follows the company’s successful Initial Public Offering in 2025 on the Indonesia Stock Exchange (IDX). With this secondary listing, EMAS hopes to become a global mining company instead of a regional leader and increase its visibility among institutional investors seeking exposure to the gold industry in Indonesia. 

It is aimed at being integrated into the leading global financial ecosystem, extending market coverage beyond Southeast Asia, and positioning the company alongside the world’s top-tier publicly traded mining corporations.

PT Merdeka Gold Resources Tbk Logo  | Source: Merdeka Gold Resources This dual listing is timed with the maturity of EMAS's core asset, specifically the Pani Gold Project in Gorontalo. In February 2026, the project reached a key operational milestone with its first gold pour, which marked the beginning of commercial production.  Read More: DSSA Secures Shareholder Approval for 1:25 Stock Split This was quickly followed by initial sales to PT Aneka Tambang Tbk (ANTM) on a 2-year strategic domestic acquisition agreement. It is projected that by 2030, the Pani Gold Project will be one of the top two primary gold mines with the highest production rates in Asia. 

The Hong Kong listing is meant to offer flexibility of funding and enhance share liquidity to facilitate large-scale operations, enabling EMAS to fund its extensive mining deposits and continue fast expansion through to the end of the decade.

The Hong Kong Stock Exchange | Source: IC Photo Beyond capital acquisition, the dual listing is a catalyst in raising corporate governance and reporting standards of EMAS to the high international regulatory standards. President Director Boyke Poerbaya Abidin stressed that such a project is one of the foundations of the long-term strategy of the company to develop institutional credibility and diversify its shareholder base.  Read More: Musk Debt Repayment Ahead of Potential SpaceX IPO Nonetheless, the company remains transparent about the complexity of the procedure; the published proof of the application on the site of the HKEX is still a redacted version that is published for informational purposes only. The final listing is also subject to the regulatory approvals and the current market environment worldwide. 

Since the transaction is yet to be guaranteed, the board has formally urged current shareholders and potential investors to be cautious until the final listing documents are formally approved.

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Sources:

Bisnis Indonesia

CNBC Indonesia

IDN Financials