JAKARTA – PT Madhani Talatah Nusantara (MTN) became the majority shareholder of PT Darma Henwa Tbk (DEWA) through a private placement scheme last week (27/2).

In a disclosure cited on Tuesday (4/3), Jimmi Maulana Sidik, Director of PT Ficomindo Buana Registrar, the securities administration bureau, reported changes in DEWA’s shareholder composition following the private placement.

The new shareholders of DEWA consist of MTN, PT Adhesti Tungkas Pratama (ATP), and PT Antareja Mahada Makmur (AMM). The shareholdings of these three new investors are as follows: MTN holds 10.93 billion shares (24.81%), ATP holds 4.78 billion shares (11.76%), and AMM holds 3.95 billion shares (9.72%).

DEWA issued 18.83 billion Series B shares at an execution price of IDR 75 per share, or a total of IDR 3.12 trillion, during the private placement on 27 February. These shares represent 46.29% of the company's fully paid-up capital after the corporate action.

The shares issued were intended to convert DEWA’s debt to these three investors. Ahmad Hilyadi, Director of DEWA, stated in the disclosure that the company’s debt conversion will improve its financial position.

As of January 2025, DEWA’s total shares stand at 21.85 billion, with 11.5% held by controlling shareholders and 88.5% by non-controlling shareholders. The free float percentage is 71.04%, and the company has 28,172 individual shareholders. The ultimate beneficial owner of DEWA is Nirwan Dermawan Bakrie.

According to MTN's website, the company provides mining and construction services in Indonesia, with projects located in East Kalimantan, North Kalimantan, and South Sumatra. (LK/ZH)