In this devastation shares process, TPIA would buy 70% of KSI’s shares in PT KDL. Concurrently, TPIA will also buy KSI’s shares in PT KTI by 49%.
Heaptalk, Jakarta — PT Krakatau Steel Tbk (KRAS), through a subsidiary company PT Krakatau Sarana Infrastruktur (KSI), has peddled a KSI’s shareholding in the electricity and water sector toward PT Chandra Asri Petrochemical Tbk (TPIA) worth Rp3.24 trillion (US$207 million).
According to the information disclosure of the Indonesia Stock Exchange (IDX) (01/03), KSI has signed a Conditional Shares Sales and Purchase Agreement (CSPA) with TPIA as of December 30th, 2022, followed by a Shareholders Agreement (SHA) signing agenda on January 3rd, 2023.
The signing of the CSPA and SHA documents is a part of the stock devastation process of KSI shares on its subsidiary company, PT Krakatau Daya Listrik (KDL) and PT Krakatau Tirta Industri (KTI). The President Director of KSI, Agus Nizar Vidiansyah, and the President Director of TPIA, Erwin Ciputra, signed this strategic agreement.
In the agreed CSPA, Agus revealed TPIA would buy 70% of KSI’s shares in PT KDL. Concurrently, TPIA will also buy KSI’s shares in PT KTI by 49%. The State Attorney from the Jamdatun Team accompanies this stock devastation process and is attended by the independent consultant to ensure this process is aligned with good corporate governance.
“Both parties will conduct this shares transaction after fulfilling the prerequisite conditions as agreed in the CSPA. Meanwhile, the strategic sign of the SHA document is a part of several prerequisites that need to be met in the CSPA, effective on the closing date,” Agus stated.
On the closing trade momentum on Tuesday (02/03), KRAS shares decreased by 0.61% or nearly to Rp326 per share after occupying a stagnant position worth Rp328 per stock. During the trading activity, KRAS attained its highest level of Rp332 and the lowest worth of Rp324 per share. As a result, Krakatau Steel has managed its trading frequency to around 739 times, with a trading volume of 63,117 stocks, generating transaction value worth Rp2.1 billion (US$134,741).
Welcoming this devastation shares action, the President Director of TPIA, Erwin Ciputra, delivered his robust confidence to execute the programmatic to reach more profitable and sustainable business growth for Chandra Asri.
“This strategy would enhance our business fundamentals and unlock enticing synergy to reach revenue diversification in supporting utilities and in line with the planned expansion of the second petrochemical complex and world-scale downstream industry,” Erwin said.
On the other hand, TPIA shares weakened by 1.59% to Rp2,470 per share. However, during the trading activity, TPIA shares settled at the upper level, worth Rp2,510, and the lower Rp2,420 per share, with a total trading frequency of 1,503 ties with the trading volume of 214,275 stocks, delivering a transaction value of Rp59 billion (US$3.7 million).
