JAKARTA - PT Gajah Tunggal Tbk (GJTL), a tire manufacturer from Indonesia, announced plans to issue debt securities outside Indonesia (global bonds), worth US$ 270 million, which will be used to pay off a number of debts.
GJTL management said that the global bonds issuance is one of the options to strengthen liquidity. The company’s debt securities will mature on August 10, 2022.
"The transaction plan [global bond issuance], [we] will request approval from the EGMS (Extraordinary General Meeting of Shareholders), which will be held by the company on March 15, 2021," said GJTL Management in an information disclosure on Indonesia Stock Exchange today.
Based on the middle rate of Bank Indonesia on September 30, 2020, which was IDR 14,918, the total value of global bonds to be issued by GJTL was around IDR 4.23 trillion. For information, the company's total long-term liabilities as of September 30, 2020, were recorded at IDR 7.02 trillion.
According to data from idnfinancials.com, currently Denham Pte. Ltd. controls 49.5% of GJTL shares. In addition, Compagnie Financiere Michelin SCMA has 10% shares, Lo Kheng Hong 5.06%, and public investors 35.44%. (KR/VA)