JAKARTA. PT Inti Bina Utama (IBU) has declared its commitment to purchase 573,544,071 shares of PT Mitra Investindo Tbk (MITI) in its mandatory tender offer (MTO).

The number of shares acquired by IBU will be equal to 16.20% of total issued and paid-up capital of MITI. Each share will be bought for IDR 173.50.

The tender offer has been taking place since February 3, 2023, and will end on March 4, 2023. The final payment for this transaction will be made on March 16, 2023.

After this tender offer, IBU will be the official new controlling shareholder of MITI, boasting a stock ownership of approximately 30.47%.

For the record, this tender offer naturally occurs after the previous corporate action in 2022, in which IBU exercised its pre-emptive rights over 1.08 billion shares of MITI. The pre-emptive rights were exercised with a total investment of IDR 178 billion. (KR/ZH)