PT Semen Indonesia Tbk (SMGR) announced it will acquire 7.49bn shares, or a 75.51 per cent stake, of PT Semen Baturaja Tbk (SMBR). As a result, Semen Indonesia will become the owner of Semen Baturaja.
The step is based on Indonesian Government Regulation No 33 of 2022, issued on 21 September, concerning the Addition of State Equity Participaton of the Republic of Indonesia into the Share Capital of the Company (Persero) PT Semen Indonesia Tbk. In the regulation nearly 7.5bn state-owned series B shares in Baturaja will be transferred to Semen Indonesia, in addition to state equity participation in the Semen Indonesia Group.
“The transfer of state-owned series B shares in SMBR to be used as additional PMN in the company will increase the state’s share ownership in the company, which will be carried out through the process of issuing Pre-emptive Rights (HMETD),” explained Semen Indonesia Corporate Secretary, Vita Mahreyni.
Semen Baturaja VP Corporate Secretary, Doddy Irawan, explained that the transfer of state-owned series B shares in SMBR to be used as additional state equity participation in SMGR would result in a change in the status of Semen Baturaja from a persero to a limited liability company (PT), namely PT Semen Baturaja Tbk. “As a result of this transaction, the company’s Series B shares (SMBR) will be 75.51 per cent owned by SMGR and 24.49 per cent will be owned by the public,” he said.
Series A shares remain owned by the state and the Republic of Indonesia exercises control of the company as mentioned in the articles of association.
Published under Cement News