JAKARTA - Island Spice Investments Limited (ISIL) will become one of the shareholders of PT Ancora Indonesia Resources Tbk (OKAS) via private placement. In said corporate action, OKAS plans to issue 607,521,388 shares worth IDR 100 each.

In the information disclosure quoted Monday (15/5), ISIL is the new creditor that has received the transferred obligations of OKAS from PT CIMB Niaga Tbk (CIMB) of USD 18.24 million. The obligations in question include principal debts of USD 12.35 million, interest of USD 3.48 million, and fees of USD 2.40 million.

Until December 2022, OKAS’s debts to ISIL clocked up to USD 19.95 million or equal to approximately IDR 313.96 billion (currency exchange rate of IDR 15,731 per USD). The debts include principal of USD 12.35 million (IDR 194.40 billion), as well as interests and fees of USD 7.70 million (IDR 119.56 billion).

The debts kept piling up until OKAS paid them off to the new creditor. Both parties have agreed that OKAS’s debts of USD 12.35 million (IDR 194.40 billion) will be converted to new shares through a private placement, based on the equity conversion price. Meanwhile, the remaining USD 8.49 million will be declared as another obligation on June 30, 2023.

The debt-to-equity conversion plan will be further discussed and decided during the Extraordinary General Shareholders Meeting on June 20, 2023. With this plan on hand, the company’s equity will rise to USD 25.20 million, whilst reducing the debt-to-equity ratio.

ISIL is located in PGCS Limited Office, The Quadrant, Mahe, Seychelles. Its shareholder includes Half Moon Bay Limited, an unaffiliated company. (LK/ZH)