JAKARTA (TheInsiderStories) – The Hong Kong-based special purpose vehicle firm, Prysselius Ltd., has become the new shareholder of PT Soho Global Health Tbk (IDX: SOHO) with 8.92 percent of ownership, the company announced today. With an initial public offering price of Rp1,820 a share, the values of transaction is equivalent to Rp206 billion (US$13.92 million).
The healthcare firm just listed its initial shares on Sept. 8 on the Indonesia Stock Exchange and became the 42nd issuer listed in this year or the 705th issuer. The issuer released 114.38 million shares or the equivalent of 13.78 percent of the company’ issued and paid-up capital.
SOHO shares have been suspended by the bourse since Tuesday (09/22) after skyrocketed 106 percent. The regulator had also included the shares of the issuers of the supplement drink manufacturer in the category of unusual market activity.
Referring to the official data, the drug-maker existing shareholders are Eng Liang Tan, Giok Nio Tan, and Kin Nio Tan with total ownership 38.38 percent, 9.01 percent, and 9.01 percent, respectively. Tan has been registered as the president commissioner of the manufacturer since 1998, who has worked with the group of companies for more than 30 years.
Prysselius is not the only an institutional investor of the new issuer. In the list of shareholders, there are India’ Cascade Creek Pty., Ltd., and Singapore’ Medisia Investment Holdings Pte., Ltd., controls 12.11 percent and 18.4 percent SOHO shares, each. Both investors entered the company through a special agreement.
The multivitamin producer Imboost and Curcuma Plus will issue 533.29 million new shares from the its portfolio for the share swap actions. During the IPO, the company released 233.52 million new shares for Medisia Investment as the holder of mandatory convertible notes. Then, to issue 233.52 million new shares or equivalent to 18.4 percent of the issued and paid-up capital in the context of implementing the bond conversion.
As for the Medisia, it was a result of a master agreement made between the investor and Tan as the main shareholder on Dec. 19, 2014, and then amended on June 21, 2020. Based on the agreement, the Soho Global agreed to issue debt securities which could be converted into new shares at the same exercise price as the IPO offering price.
During the listing, Soho Global also issued 153.73 million new shares for warrants conversion by Cascade Creek. Warrants are the result of warrant over unissued shares between Soho Global and Eagle Securities Ltd., and between Soho Global and Killary Holdings Ltd., on June 16, 2014.
This agreement was later amended on June 19, 2020, in which case the warrants were transferred to Cascade Creek. While, the exercise price of the approved warrants is Rp. 1 million per warrant. The company is incorporated under Australian law and is affiliated because it has the same controller by Tan.
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