Management of Asuransi Tugu - Photo by the Company
JAKARTA (TheInsiderStories) – Salvitas Limited, a company from Cayman Islands, bought 15.75 percent or 280 million shares of PT Asuransi Tugu Pratama Indonesia Tbk (IDX:TUGU) from its one shareholders, PT Sakti Laksana Prima, said the company. The deals has been signed on Nov. 15.
The acquisition price at Rp2,050 per share, or equivalent to Rp574 billion (US$39.05 million). The crossing transaction was facilitated by PT UOB Kay Hian Securities.
After the acquisition, 58.50 percent shares of TUGU owned by state-owned energy producer PT Pertamina, 15.75 percent owned by Salvitas, 10.93 percentby Siti Taskiyah and the remaining shares owned by Samsung Fire and Marine Insurance, Mohamad Satya Permadi and public.

Last May, the company has released 177.77 million shares and obtained fresh funds of Rp684.44 billion from the initial public offering. Around 70 percent of the funds are used to strengthen the company’s capital expenditure. While the rest of proceeds will be used for equity participation in its subsidiaries, PT Tugu Reasuransi Indonesia.

In the first semester (IH) of 2018, TUGU booked a reinsurance income of $179.81 million, up 14.6 percent compared a year ago at $156.88 million. As of June 2018, Asuransi Tugu’s total revenue was recorded to only grow 1.12 percent to $71.32 million.

While, the company’s profit shrank to $563,090, down 97.24 percent from the same period last year of $20.42 million.

The company’s President Director Indra Baruna explained, the decline in profit was because the company used the dollar currency when transacting or functional currency. Then, there is an impairment in the value of assets in one of the investment instruments of Tugu Reasuransi Indonesia.
US$1: Rp14,700
Written by Staff Editor, Email: theinsiderstories@gmail.com

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