JAKARTA (TheInsiderStories) - Seychelles investment firm’ Poseidon Corporate Services Ltd., and PT Mateo Sagraha Antlantis becomes the shareholder of PT Bakrie Sumatra Plantations Tbk (IDX: UNSP) after convert its debt with the issuer’ share, said the company today (11/17). The unit of Bakrie Group will hold a private placement by issues 806.44 million shares or 24.39 percent of its total shares to refinance the debt.
The notes converting with an exercise price of Rp100 a share and the palm oil producer will also raises fresh funds around Rp241.39 billion (US$17.12 million) from the rights issue. The company plans to settle the debts with Mateo with worth of Rp65.33 billion and Poseidon amounting to Rp176.59 billion, through a debt to equity swab scheme.
“By carrying out the transaction plan, we hope to improve the company’ financial position, will have a healthier debt ratio, reduced financial burden, and strong cash flow,” wrote Bakrie Sumatera‘ management.
After the transaction, the percentage of other shareholders will be diluted by 24.39 percent. As of Oct. 31, the shareholders of Bakrie Sumatera are PT Unichem Candi Indonesia 17.46 percent, Ernawati Ali 10.96 percent, Lie Leonard Djajali 9.21 percent, Paradiso Resources Ltd., 5.89 percent, and the public by 56.48 percent.
in July, Ryan Harris, the owner of a salt producer, Unichem, control Bakrie Sumatera shares, according to Indonesian Central Securities Depository. He have bought the shares owned by the Bakrie family from Indo Alam Resources.
Indo Alam was originally a creditor of the issuer, after exchanging debt with shares valued of Rp130.95 billion. When the transaction was made, the creditor owned 17.46 percent of the plantation’ shares. After selling 284,859,700 shares to Harris, Indo Alam’ ownership decreased to 6.07 percent.
Harris is the CEO of PT Unichem Candi Indonesia Unn Harris and Unichem Candi Indonesia. He along with former minister of industry, Airlangga Hartarto, had inaugurated the UNIChem Chandi Indonesia Factory in Gresik on March 9, 2018.
While, the publicly listed firm is a palm oil producer founded in 1911 under the name “NV Hollandsch American Plantage Maatschappij”. After several changes, the latest Bakrie Group decided on a company called Bakrie Sumatra Plantations.
Bakrie Sumatera‘ business activities include palm oil plantations, rubber plantations and other latex-producing plants, the crude palm oil industry, the crumb rubber industry, and large-scale trading of oil-containing fruit. In addition, large-scale trade of rubber and plastic in the basic form and large-scale trade of various kinds of goods.
The company owns a total of 67,945 land areas and 73,329 land planted as of the end of 2019. The company is a part of the Bakrie Group.
US$1: Rp14,100
Written by Editorial Staff, Email: theinsiderstories@gmail.com
