JAKARTA. PT SLJ Global Tbk (SULI), a forestry and paper company, will initiate the capital increase without preemptive rights, also known as private placement, by issuing 2.13 billion shares. 

This upcoming corporate action is a part of SULI's debt restructuring plan for several of its creditors. Some of them include Mataram Limited Pte. Ltd., Hui Pak Kong, PT Borneo Karya Persada, PT Sani Mardani Resources, PT Pelayaran Sentra Arung Makmur, Joshua Tree Investment, and PT Putra Buana Indonesia Wood Industry.

All creditors have agreed upon the plan of debt conversion to new shares issued by SULI in this private placement. "The face value is IDR 100, while the conversion price is set to IDR 150 per share," said the management of SULI in the information disclosure.

SULI will ask for approval from shareholders in the upcoming Extraordinary General Meeting of Shareholders scheduled on November 30, 2023. "The private placement is for converting debts, and there is no debts paid in cash," the management explained.

After this private placement, the issued and paid-up capital of SULI will rise to 6.2 billion shares, while shareholders' ownership of less than 5% increases to 42.33% cumulatively. (KR/ZH)