Jakarta, CNBC Indonesia – President Director of PT Trimegah Sekuritas Indonesia Tbk (TRIM), Stephanus Turangan stated, the Garibaldi Thohir consortium who is also the President Director of PT Adaro Energy Tbk (ADRO) is currently in the process of due diligence to acquire 49% of TRIM shares from Advance Wealth. Finance Ltd.
“It’s due diligence, right,” he said when confirmed by CNBC Indonesia, Monday (4/10/2021).
However, TRIM’s management has not disclosed in more detail the price of the acquisition, including the possibility of TRIM’s preparation as an underwriter for GoTo’s initial public offering (IPO) plan after the acquisition.
Boy Thohir also said the same thing, the process of taking over shares is still ongoing. In an announcement made in the mass media, Boy Thohir has signed a non-binding term sheet for the plan to take over TRIM shares.
Boy did not provide further details regarding the amount of investment disbursed and the background of the plan to take over the shares of the securities company in line with the initiation of Go-To’s IPO plan to the stock market. The reason is, Garibaldi is listed as an Independent Commissioner at PT Applications Karya Anak Bangsa (Gojek).
“Still in process, I will update in more detail later. The point is I am very optimistic about the future of the Indonesian economy after Covid-19 and of course also to the Indonesian capital market, especially so many millennials are now active on the Indonesia Stock Exchange,” said Boy, to CNBC Indonesia.
The Boy Thohir consortium plans to buy Advance’s 3,500,000,000 shares in TRIM, which is 49.23% of the total shares issued by TRIM which, if completed, will result in a change of control over this securities company.
“The purpose of this takeover plan is for investment and business development of the Boy Thohir consortium in the Indonesian capital market,” Boy Thohir wrote, quoted Monday (4/10).
On the announcement date of this negotiation, Boy Thohir who is also the brother of SOE Minister Erick Thohir confirmed that he does not own either directly or indirectly TRIM shares.
The candidate for the new controller or the Boy Thohir consortium will carry out a mandatory tender offer in accordance with the provisions of POJK Number 9/2018. A tender offer is an obligation for a new controlling investor to offer to buy shares of other investors, including public investors.
As of June 2021, TRIM shares are held by Advance Wealth 49.23% (3.5 billion shares), PT Union Sampoerna 9.85%, Stephanus Turangan 0.31%, David Agus 0.25%, Syafriani Armand Saleh 0.24% , public 40.12%.
IDX data noted that on Monday’s trading, TRIM’s share price rose 15.09 percent to Rp 366 per share with a transaction value of Rp 137.99 billion. If the TRIM price is assumed to be Rp 318/share in last Friday’s trading, this transaction could potentially be worth Rp 1.11 trillion.
(hps / hps)
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