Jakarta, CNBC Indonesia – The shareholders of PT Acset Indonusa Tbk (ACST), a construction issuer of the Astra Group, approved the plan to increase capital without Pre-emptive Rights (HMETD) or private placement of a maximum of 15 billion shares.
This was approved in the Extraordinary General Meeting of Shareholders (EGMS) at the United Tractors Ballroom, Cakung, which was held this Wednesday (18/8).
The company plans to issue a maximum of 15 billion new shares, each with a value of Rp 100/share in this private placement.
This amount represents a maximum of 70.01% of the total issued and fully paid shares in the company after the addition of capital has been completed.
PT Karya Supra Perkasa (KSP) as the main shareholder and controlling shareholder of the company has expressed its full support to participate in this additional capital in order to improve the Company’s ability to face ongoing industry challenges.
KSP is a subsidiary of PT United Tractors Tbk (UNTR), a mining and heavy equipment company that is also a subsidiary of PT Astra International Tbk (ASII).
In connection with the plan to increase capital which will have an impact on increasing the authorized capital, issued capital and paid-up capital of the company, the EGMS also approved amendments to the Articles of Association of the Company Article 4 paragraph (1) regarding the Company’s Authorized Capital and Article 4 paragraph (2) regarding Issued and Paid-Up Capital Company.
“The implementation of the additional capital including the exercise price and the final amount of new shares will be announced to the public in accordance with the applicable laws and regulations. We appreciate the continued support of shareholders in our efforts to encourage the company’s growth,” said Idot Supriadi, President Director of ACSET, in an official statement, Wednesday (18/8/2021).
On the same occasion, ACSET also delivered a presentation on its financial and operational performance until the first semester of 2021.
ACST recorded a 14% decrease in revenue from Rp 748.76 billion to Rp 644.07 billion.
However, ACSET still consistently recorded improvements in finance costs and other expenses which contributed to a 39.26% decrease in net loss from Rp 252.20 billion to Rp 153.17 billion in June 2021.
It is undeniable that the slowdown that occurred in the industry due to the pandemic played a significant role in restraining the company’s progress in efforts to make improvements.
ACSET recorded the acquisition of new contracts worth Rp 191.38 billion consisting of foundation and infrastructure projects, namely the BUMN Center foundation project, the foundation of the Arumaya Residence Flyover, the foundation of the Bogor-Sukabumi Railway, the repair work of the Cipali KM 122 Toll Road, the Java International Airport Underpass. West Kertajati and handling of landslides on East Balaraja Toll Road KM 1.
Until this period, the company’s revenue was dominated by the construction sector at 47.0%, infrastructure at 40.2%, and foundations at 8.4%, while other sectors, which are trading activities and rental services carried out by subsidiaries, contributed 4.4 percent. %.
Going forward, ACSET is optimistic that the improvement efforts carried out internally can improve the Company’s condition and encourage even more positive growth.
Operational excellence as ACSET’s big agenda this year is still being pursued with strategic steps in all aspects, both in the realm of finance, operations, control management, risk mitigation, technology updates and digitization.
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