JAKARTA (TheInsiderStories) – Benny Tjokrosaputro sold 49.99 percent shares of PT Mandiri Mega Raya and PT Hokindo Property Investama to “crazy rich” Dato Sri Tahir’ property arm, PT Maha Properti Indonesia Tbk (IDX: MPRO). The deal was signed by publicly listed firm, PT Hanson International Tbk (IDX: MYRX), PT Rimo International Lestari Tbk (IDX: RIMO), and MPRO on Dec.13.
In the disclosure of information released on Tuesday (12/17), the company did not mention the value of the transaction. It said, for the purpose of this transaction, Maha Properti plans to hold a limited public offering.
Hanson revealed that the sale of part of the two units shares was to refinance the company debts and to recover the company condition. As reported, the developer has a financial problem and obligation to refinance its debt.
Tjokro’ company has a short-term debt to PT Bank Mayapada International Tbk (IDX: MAYA) of Rp296.06 billion (US$21.15 million), PT Bank Victoria International Tbk (IDX: BVIC) of Rp64 billion, PT Bank Capital Indonesia Tbk (IDX: BACA) of Rp67.6 billion, PT Bank Woori Saudara Indonesia 1906 Tbk (IDX: SDRA) Rp55 billion and PT Bank MNC International Tbk (IDX: BABP) worth of Rp22.66 billion.
In addition, Hanson has short-term individual loans with a total value of Rp2.45 trillion and Mandiri Mega Rp63.75 billion. For this year, Hanson must pay the liabilities with worth of Rp1.07 trillion.
On Nov. 14, they announce to issue convertible bond Rp1.1 trillion to resolve the financial problems that has affecting the company. While, last month, the investment alert task force at Financial Service Agency (FSA) has stopped the short-term debt transaction of the company cause was allegedly violating the Banking Law.
The company has obligation to pay its liabilities to its customers that has maturity of October 2019 to October 2020. Commissioner of Hanson, VR Tata, explained, from the transactions, the company raised public funds worth of Rp2.66 trillion.
He contimued, the company also prepared several other funding options to anticipate the worse respond on the planned. While, Tjokrosaputro, stated that going forward, Hanson will focus on the property projects.
Previously, the regulator had imposed a sanction to Hanson and its owner Tjokrosaputro. The agency mentioned that both parties has broke the capital market rule for overstatement of the company financial statements for the fiscal year 2016.
The owner fine for Rp5 billion and the housing developer Rp500 million and was ordered by the FSA to restate the 2016′ financial statement. The decision is in line with Provisions of Article 69 of Law Number 8 of 1995 concerning Capital Markets.
Beside him as the president director, the regulator also give a sanction to its director Adnan Tabrani, who was responsible for the 2016′ financial statement of Hanson. He has to pay the administrative penalty of Rp100 million.
Furthermore, Sherly Jokom, partner of Public Accountant Officer Purwantono, Sungkoro and Surja, part of Ernst and Young Global Limited is also responsible audit of financial statement of December 31, 2016. FSA decided her permit as an accountant office will be frozen until next year.
Hanson has various businesses in industry, general trade, service and development. The company has established since 1973 and focused on inject capital to the subsidiaries.
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