JAKARTA - PT Citra Borneo Indah (CBI), the shareholder of PT Citra Borneo Utama Tbk (CBUT) will complete an exchangeable notes worth IDR 3.45 trillion with PT Sawit Sumbermas Sarana Tbk (SSMS).

In a brief prospectus quoted on Friday (27/10), CBI will hand over 1.64 billion of its shares in CBUT in one transaction by the end of this year. The price agreed upon in the share exchange agreement is IDR 2,099 per share. By handing over a number of shares, CBI reduced its debt to SSMS.

These transactions are affiliated because they have the same share owners. CBI owns 56.817% or 5.41 billion shares in SSMS and 54.40% or 1.7 billion shares in CBUT. SSMS owns 17.60% of shares in CBUT.

CBUT's authorized capital is IDR 1 trillion, issued and fully paid-up capital IDR 32.5 billion, and portfolio shares IDR 687.50 billion. The shareholder structure is, CBI 54.40%, SSMS 17.60%, PT Kalimantan Sawit Abadi (KSA) and PT Mitra Mendawai Sejati (MMS) 4% each, and the public 20%. (LK/LM)