JAKARTA. PT Jaya Agra Wattie Tbk (JAWA) announced plans to convert part of its debt with a total value of IDR 1.24 trillion into shares, through additional capital without granting pre-emptive rights (PMTHMETD).

With this amount of debt, JAWA will issue 12.46 billion new shares at an exercise price of IDR 100 per share. This number of shares is equivalent to 76.75% of the company's issued and fully paid-up capital.

The debt that the company will convert comes from other long-term debt to PT Sarana Agro Investama (SAI), which consists of 3 credit facilities. Please note, SAI is the controlling shareholder of the company, with a share ownership portion of 80%.

After the debt conversion is carried out, SAI will control 95.35% of JAWA shares. Meanwhile, the portion of share ownership owned by other shareholders, namely Rohadi, will be diluted to 0.001% and public investors only 4.65%.

Regarding this corporate action, JAWA will request approval from the Extraordinary General Meeting of Shareholders (GMS). The meeting agenda is scheduled to take place on October 23, 2023. (KR/LM)