JAKARTA. PT SLJ Global Tbk (SULI), a wood manufacturer established in 1980, will issue a capital raise without pre-emptive rights or private placement of 1.32 billion shares.

Said agenda is a follow-up after the Extraordinary General Meeting of Shareholders (EGMS) of SULI held last November. In the meeting, the company obtained approval from shareholders to issue 2.13 billion shares at most through the private placement.

Each new share issued by SULI has a face value of IDR 100, and will be offered for IDR 150.

For the record, SULI is planning a private placement in order to fix its financial condition. In line with the decision made during the EGMS, 7 creditors of the company had granted approval to convert its debt to equity through a private placement.

As of now, the debt conversion will be carried out by 5 out of 7 creditors of SULI. Some of them include Mataram Limited Pte. Ltd., Mr. Hui Pak Kong, PT Borneo Karya Persada, PT Sani Mardani Resources, and PT Pelayaran Sentra Agung Makmur.

After this private placement, the number of issued and paid-up capital of SULI will rise to 5.4 billion shares. Previously, the issued and paid-up capital only consists of 4.07 billion shares.

According to the official statement, the private placement will be carried out by SULI on February 19, 2024. The result of the private placement will be further disclosed on February 20, 2024. (KR/ZH)