JAKARTA - PT Alam Permai (AP), a subsidiary of PT Provident Investasi Bersama Tbk (PALM), will pay off its obligations worth IDR 3.61 trillion to a number of shareholders. The funds come from PALM's rights issue on March 13-26 2023.

In the short prospectus quoted on Monday (15/1), AP will pay this obligation to Winato Kartono (WK), Hardi Wijaya Liong (HWK), and Garibaldi Thohir (GT), PALM shareholders, regarding the purchase of shares in PT Merdeka Battery Materials Tbk (MBMA) on November 24, 2023.

PALM, AP's parent company, will issue 9.99 billion shares with a nominal value of IDR 15 per share or 58.4% of the issued and fully paid up capital. The rights issue ratio is set at 63:89 or for every 63 old nominal shares you will receive 89 new nominal shares. The shares to be issued will be removed from the portfolio. PT Provident Capital Indonesia (PCI), owner of 45.80% of PALM shares, will exercise its share of a maximum of 2.83 billion shares and transfer the remaining 1.74 billion to WK and HWL.

WK, owner of 5% of PALM shares directly and indirectly via PCI, will exercise its maximum share of 502.88 million and receive a share transfer from PCI of 1.26 billion shares. HWK, owner of 3.75% of PALM shares directly and indirectly via PCI, will exercise its share of a maximum of 377.16 million and receive a transfer from PCI of a maximum of 478.49 million shares.

Assuming that this rights issue is not carried out by other shareholders, apart from PCI, WK and HWL, the shareholder structure for PALM is, namely, authorized capital of IDR 426 billion and portfolio shares of IDR 256.79 billion. Issued and fully paid capital of IDR 246.17 billion, including, PCI 35.61%, PT Saratoga Sentra Business (SSB) 8.29%, GT 5.21%, WK 31.69%, HWK 13.88%, Tri Boewono (TB) 0.39%, and public 4.93%. Treasury shares IDR 613.84 million and portfolio shares IDR 169.20 billion.

Prior to the transaction, PALM's issued and fully paid capital amounted to IDR 106.17 billion, namely, PCI 45.80%, SSB 19.99%, GT 12.57%, WK 5.03%, HWK 3.77%, TB 0, 93%, public 11.91%. Treasury shares IDR 613 million and portfolio shares IDR 319.20 billion. (LK/LM)