JAKARTA - PT Bukit Uluwatu Villa Tbk (BUVA) will initiate a private placement by issuing 1.20 billion shares of IDR 50 each. This corporate action is projected to be held next week (18/12).

In the prospectus quoted today (19/12), it is said that the value of this private placement is set to IDR 72.34 billion, as referred to the shares transfer agreement between BUVA and Tri Ramadi dated July 17, 2023.

This shares transfer is referring to the shares acquisition agreement between BUVA and PT Jagakarsa Country Arena (JCA) dated January 5, 2019. On October 1, 2019, the shares transfer agreement was made, signed by Tri Ramadi, the receiving party, and JCA, the transferring party.

The private placement will not be carried out in cash. However, it will still emulate the effect of a capital raise as the company’s equity component. In addition, BUVA’s equity rises to IDR 728.43 billion, lowering the debt-to-equity ratio from 1.96 to 1.67. Therefore, the company will gain more flexibility in seeking new financing methods in the future.

The capital structure after this private placement will consist of authorised capital of IDR 3.75 trillion, as well as issued and paid-up capital of IDR 1.02 trillion. The shareholders are PT Nusantara Utama Investama of 61.06%, PT Mitra Sawit Baru of 9.19%, PT Asia Leisure Network of 8.27%, NV III Holdings Limited of 4.30%, Tri Ramadi of 4.86%, and public investors of 11.31%. The stock in portfolio is still worth IDR 2.70 trillion. (LK/ZH)