JAKARTA - PT Pacific Prima Coal (PPC), shareholder of PT Bara Jaya Internasional Tbk (ATPK), has taken over the entire assets of three of ATPK’s subsidiaries following the approval secured last week (25/6). The issuer reported capital deficiency of IDR 82.63 billion as of June 2023.

Iwan Soetrisna, President Director of ATPK, confirmed that the company has divested the entire shares of three subsidiaries, PT Modal Investasi Mineral (MIM), PT Bara Jaya Infrastruktur Energi (BJIE), and PT Bara Jaya Sumber Energi (BJSE) to PPC as its shareholder.

“The operational activities of those three subsidiaries have been dormant and deemed unfeasible for business continuity,” he added in the information disclosure quoted Wednesday (3/7).

Said transaction is not material, as the value arrives below 10% of ATPK’s total assets of IDR 450.62 billion. After the divestment, their financial statements will no longer be consolidated to ATPK.

As of June 2023, ATPK’s revenue was at IDR 256.98 billion, followed by gross profit of IDR 133.47 billion, and net profit attributable to parent entity of IDR 47.68 billion. Its total assets were reported at IDR 443.09 billion, while total liabilities were at IDR 525.73 billion. (LK/ZH)