Sri Rejeki Isman and Sinar Pantja Djaja will acquire two companies

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)