JAKARTA (TheInsiderStories) – Hong Kong-based company Asetku Ecommerce Ltd., become shareholders of PT Trimuda Nuansa Citra Tbk (IDX: TNCA) after executing the new shares of the logistic company, it said on Tuesday (11/05). The financial technology company took ownership of the existing shareholders, PT Asuransi Intra Asia and PT Carita Karya Graha.
According to the director of Asetku, Imam Michael Raza, his company took over the TNCA shares on November 1, 2019. The company bought 28,918,000 shares from PT Asuransi Intra Asia. Then, the company bought 62,489,800 shares from PT Carita Karya Graha. These shares were purchased at a price of Rp300, so the total funds spent were Rp34.77 billion (US$2.46 million).
The take over made the ownership of Asetku in Trimuda Nuansa Citra to 115,910,400, or 27.49 percent of the company’s total issued and paid-up capital. This transfer also made the ownership of Intra Asia Insurance in Trimuda Nuansa Citra shrink from 11.86 percent to only 5 percent.
Asetku were standby buyers on the company’s rights issue. In the rights issue, the company released as many as 632.46 million shares at an exercise price of Rp344 per share so the funds could be obtained reaching Rp217.56 billion.
The proceeds from the rights issue will be used to take over the shares of PT Asuransi Staco Mandiri with a value of Rp85.23 billion and increase equity participation in the company as Rp126.8 billion.
Trimuda Nuansa Citra had conducted an initial public offering (IPO) in June 2018. The company released 200 million shares to the public at a price of Rp150 per share so the funds obtained were around Rp30 billion.
The company used IPO funds to buy warehouses in the Bekasi area. The purchase of a warehouse requires funds of Rp30 billion, including the purchase of land and its construction.
Arifin Seman, President Director of Trimuda Nuansa Citra, said that the construction of the warehouse would be completed in February or March 2019. Before the warehouse completed, Trimuda used rented warehouses with a capacity of 10 tons to 20 tons.
The company also plans to expand its operations in Medan and Semarang. At present, Trimuda operates in several regions which are Jakarta, Bandung, Surabaya, Bekasi and also Balikpapan.
Trimuda Nuansa Citra serves business to business (B2B) services with the pickup services. The company is also trying to expand the shipping business for e-commerce.
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