JAKARTA - Shikoku Electric Power from Japan will buy 25% of PT Hero Global Investment Tbk's (HGII) shares from the controlling shareholder after the Initial Public Offering (IPO).

HGII is known to be conducting an Initial Public Offering (IPO) on 3-7 January 2025. The purchase of 25% of shares by Shikoku Electric will be carried out through its subsidiary, SEP International Netherlands B.V. (SEPI) no later than 1 month after HGII's IPO.

The number of HGII shares to be acquired by Shikoku Electric is 1.62 billion shares or equivalent to 25% of the issued and fully paid capital after the IPO. The shares will be purchased through negotiated transactions on the Indonesia Stock Exchange (IDX).

Currently, HGII's controlling shareholders are Rudy Chandra, Robert Njo, and Hendrianto Thamrin. Currently, the three shareholders jointly own 80 per cent of HGII. After the acquisition, the three of them will remain the controlling shareholders with a 55% stake.

In its IPO, HGII offered 1.3 billion shares at a price range of IDR 200 to IDR 230 per share. The company in the renewable energy sector has the potential to reap fresh funds of up to IDR 299 billion from the IPO. (KR/LM)