Sri Rejeki Isman and Sinar Pantja Djaja will acquire two companies

By : Hariyanto And Aldi Firhand. A | Friday, February 09 2018 - 21:56 IWST

PT Sri Rejeki Isman Tbk (SRIL)
PT Sri Rejeki Isman Tbk (SRIL)

INDUSTRY.co.id - Jakarta - PT Sri Rejeki Isman Tbk (SRIL) and PT Sinar Pantja Djaja (SPD) are planning to take over PT Primayudha Mandirijaya (PM) and PT Bitratex Industries (BI).

The two companies to be purchased belong to THG Pte Ltd, Tolaram Industries Pte Ltd, Krishna Kumar Agrawal, Manmeet Singh, and Arvind Kumar Shankerlal Ladha. These parties are called PM sellers.

Other Sellers with BI are One Sovereign Investment Pte Ltd, Thakral Investments Limited, Asean Interest Limited, Sohans Enterprise Limited, Sohans Emporium Pte Ltd, Arvind Kuhar Shankerlal Ladha, and Krisna Kumar Agrawal.

The buyers and sellers agree the transfer of shares is done in two stages.

The first phase consists of the transfer of 82% of shares in each BI and PM by the sellers to the company and executed on February 7, 2018 and working days, after the approval of the Investment Coordinating Board (BKPM) related to the transfer of the shares.

The second phase consists of transferring 18% of shares in each BI and PM by the sales to relevant buyers and conducted on 20 March 2018 and one business day after the issuance of BKPM approval related to the transfer of these shares.

"On February 7, 2018, the company has executed the first phase of share transfer, in accordance with the terms of a conditional sale and purchase agreement with a total transaction value of US $ 69,699 million," said Director Allan Moran Severino in the information disclosure BEI Friday (9/2/2018).

He continued, the total value of the second phase stock in BI and PM is US $ 15.3 million and the payments are made in two installments.

"The first installment of US $ 7.3 million will be paid by March 20, 2018 and the second installment for the remaining amount will be paid after the purchase price has been agreed or adjusted by an independent appraiser to calculate the asset value of BI and PM on the date of the first phase of share transfer," he explained.

He stressed that the company has no affiliation with the sellers involved in the conditional sale and purchase agreement. (imq)

News Comment

Today's Industry

Application-based transportation provider, Grab Indonesia (Foto Ist)

Jumat, 19 Oktober 2018 - 11:43 WIB

SoftBank Case, Lippo Bribes Question Grab Business amid Blood Money Swirl

Two major cases which have now charged Grab investors, namely SoftBank and Lippo Group, are expected to threaten the online transportion operator's business credibility.

Grab (Ist)

Kamis, 11 Oktober 2018 - 12:36 WIB

Women Activists Criticize GRAB Indonesia on Victims Harassment Mediation

A number of women activists express their anger and regret at the GRAB Indonesia. The Malaysian applicator response to bring together between a driver partner who is allegedly harassed his passengers…

Panen Padi (Foto Dok Industry.co.id)

Senin, 08 Oktober 2018 - 03:30 WIB

Banten Lebak Farmers Harvest 55,622 Tons of Dry Grain

Lebak-Petani in Lebak Regency, Banten, during September 2018 harvests rice in an area of ​​9,347 hectares of paddy fields with a production of 55,622 tons of dried pungut (GKP) grain.

Bawang Merah (Ist)

Senin, 08 Oktober 2018 - 03:00 WIB

Kelompok Tani Sengingi Riau Panen Bawang Merah

Kuantan Singing - Beken Jaya Benai Farmer Group in Kuantan Singingi Regency, Riau Province harvesting shallots up to tens of tons managed on a quarter hectare of land, the results can improve…

Senin, 08 Oktober 2018 - 02:30 WIB

PT Pertamina Lubricants Wins Two TOP CSR 2018 Awards

Jakarta - PT Pertamina Lubricants managed to bring home two awards at the TOP CSR 2018 TOP CSR category on Lubricants Business, namely for the Corporate Social Responsibility (CSR) Enduro Student…