JAKARTA – PT Darma Henwa Tbk (DEWA) will convert IDR 1.11 trillion of debt to two of its creditors by issuing 17.16 billion Series B shares at an exercise price of IDR 65. The creditors are PT Madhani Talatah Nusantara (MTN) and PT Andhesti Tungkas Pratama (ATP).

According to a brief prospectus cited on Friday (17/1), DEWA owes MTN IDR 756.99 billion and ATP IDR 358.92 billion. Both creditors have agreed to settle this obligation through the capital increase without preemptive rights (private placement).

ATP and MTN are not affiliated with DEWA. ATP has a registered capital of IDR 2 billion, with fully paid-up capital of IDR 500 million and additional paid-in capital of IDR 1.5 billion. The ownership structure consists of Hardoyo and Agus Suryana, each holding 50%.

Meanwhile, MTN has a registered capital of IDR 10 billion, with fully paid-up capital of IDR 2.5 billion, and the ownership structure is held by David Ronaldson (90%) and Dwi Hartanto (10%). The additional paid-in capital for MTN amounts to IDR 7.5 billion.

After the private placement, DEWA’s authorized capital will increase to IDR 9.81 trillion from IDR 6 trillion, with issued and paid-up capital rising to IDR 3.04 trillion from IDR 2.18 trillion, and additional paid-in capital will decrease to IDR 2.95 trillion from IDR 3.81 trillion.

The post-conversion shareholder structure of DEWA will include Goldwave Capital Limited holding 9.78%, Zurich Asset International 6.44%, MTN 29.84%, ATP 14.15%, and the public 39.79%.

Previously, the shareholder structure was as follows: Goldwave Capital Limited at 17.45%, Zurich Asset International at 11.5%, and the public at 71.04%. (LK/ZH)