Investor.id – Conglomerate Prajogo Pangestu will release its share ownership in a petro chemical company, PT Chadra Asri Petrochemical Tbk (TPIA) to PT TOP Investment Indonesia.
This is stated in the TPIA rights issue prospectus on the Indonesia Stock Exchange (IDX) page, Tuesday (24/8/2021).
“Prajogo Pangestu and Top Investment Indonesia have also signed a Conditional Sale and Purchase Agreement dated July 29, 2021 in connection with the sale of Prajogo Pangestu’s shares in the Company to Top Investment Indonesia (TII), wrote the management of TPIA.
However, the prospectus did not provide further details regarding the number of TPIA shares to be released by Prajogo. But if you still refer to the prospectus, the founder of Chandra Asri still holds 2,377,401,195 shares or 13.33 percent of TPIA’s shares.
Prajogo’s plan is in line with the TPIA rights issue by releasing 3,794,366,013 shares at an exercise price of Rp 4,082 per share so that Rp 15.488 trillion will be obtained.
It is stated, every 47 old TPIA shares at 16.00 WIB on September 1, 2021 will get 10 right issue. The holder can exchange one Right Issue for the exercise price.
Prajogo Pangestu as the holder of 13.33% of TPIA shares stated that he would not carry out the entire portion right issue and will transfer the Preemptive Rights that will be obtained proportionally according to the share ownership portion to Top Investment Indonesia
Meanwhile, PT Barito Pacific Tbk (IDX:BRPT) as the holder of 41.88 percent of TPIA shares will transfer right issue which will be obtained proportionally in accordance with the portion of its share ownership to PT TOP Investment Indonesia.
In line with that, Marigold Resources Pte. Ltd. (“Marigold”) as the holder of 4.75% shares of TPIA stated that it would not exercise the entire portion of the Preemptive Rights and would transfer the Preemptive Rights to be acquired proportionally in accordance with the portion of share ownership to TII.
Meanwhile, SCG Chemicals Company Limited (“SCG Chemicals”) as the holder of 30.57% shares of TPIA stated that it would implement right issue.
So that TII as a standby buyer is over right issue it will hold 2,634,426,587 shares or 12.18% share of TPIA.
Use of Funds
Earned funds right issue will be used for the construction of a new factory in the form of an integrated petrochemical complex by a subsidiary, namely Chandra Asri Perkasa-2 (CAP-2). The factory consists of a naphtha cracker plant, a polymer factory as well as related facilities and utilities to support plant operations such as power supply, boiler, water treatment, jetty and storage tanks.
“This is in line with TPA’s strategy to expand production capacity and business scale to serve the needs of the Indonesian market. The proceeds from the Rights Issue III will be channeled to CAP-2 through equity participation,” said TPIA management in a note.
Editor : Listyorini ([email protected])
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