JAKARTA – The shareholders PT Bukit Uluwatu Villa Tbk (BUVA) agree upon the debt restructuring through the debt conversion mechanism, turning it into equity via a private placement. The new controller of BUVA has no affiliations with the company.

Benita Sofia, Corporate Secretary of Bukit Uluwatu Villa, confirmed that the shareholders approved the issuance of 12.57 billion shares via private placement in relation to debt conversion of PT Nusantara Utama Investama (NUI).

Still connected to this plan, BUVA will also increase its authorised capital from IDR 600 billion to IDR 3.75 trillion, as well as its issued and paid-up capital from IDR 340.56 billion to IDR 969.23 billion.

The conversion price in this plan is set to IDR 60 per share. Therefore, the total value of conversion of those 12.57 billion shares clocks up to IDR 754.40 billion.

Prior to this plan, the shareholder structure of BUVA consists of PT Asia Leisure Network (ALN) of 25% of the issued and paid-up capital of IDR 340.56 billion, followed by NV III Holdings Limited of 13%, Archipelago and Hotels Limited of 27.80%, and the company of 34.20%. The stock in its portfolio is worth IDR 259.43 billion.

After this private placement, the issued and paid-up capital of the company will change to NUI of 64.86%, ALN of 8.78%, NV III Holdings Limited of 4.57%, Archipelago Resorts and Hotels Limited 9.77%, and the public 12.02%. (LK/ZH)