JAKARTA - PT Multitrend Indo Tbk (BABY) will divest a maximum of 4.03 million treasury shares to raise fresh funds next week (3/4).

Nauli Masitha Dewi, Corporate Secretary of BABY, mentioned that the company will transfer the treasury shares gained from a buyback to Blooming Years Pte Ltd, the controlling party of BABY. “The company assigns UOB Kay Hian Sekuritas to transfer the company’s treasury shares,” she confirmed in the information disclosure quoted Tuesday (26/3).

The divestment price is set no lower than the closing price on the day before the share sale, which was IDR 66 per share. Once calculated, the transaction value arrives at IDR 2.51 billion.

Blooming Years Pte Ltd is known to be located at 10 Marina Boulevard, Singapore. On March 19, 2024, this parent entity of BABY has raised its portion by 24.73 million to 2.41 billion (90.39%) from the initial 2.38 billion (89.46%) of its total issued and paid-up capital.

As of February 2024, BABY’s total shares clocked up to 2.66 billion, with shareholders consisting of Blooming Years Pte Ltd of 87.88%, the public of 9.12%, and treasury shares of 3%. The ultimate beneficiary of BABY’s shares is Gita Jethanand Bharwani. (LK/ZH)