JAKARTA - PT Saranakelola Investa (SKI), the new controller of PT ICTSI Jasa Prima Tbk (KARW), initiates mandatory tender offer of 116.32 million shares for IDR 66 each starting from Wednesday (3/4) until May 2. These shares are equivalent to 19.81% of the issued and paid-up capital of the company.

In the short prospectus quoted Wednesday (3/4), SKI is said to have completed the share purchase transaction with ITCSI, amounting to 470.83 million shares or 80.19% of the issued and paid0up capital of the company on February 1. The offering price was set to IDR 66 per share, totalling IDR 31.07 billion.

SKI acquires 80.19% of KARW owned by ITCSI in order to expand its business in international route services. The business development will be carried out through allocating capital expenditure for stevedoring equipment, including crane for containers, to enhance productivity. It will also be utilised to extend the user base from international shipping segment, as well as exploring the opportunity of synergy between foreign and domestic container shipping.

The structure of KARW, prior to acquisition, consisted of authorised capital of IDR 600 billion, issued and paid-up capital of IDR 293.57 billion, and stock in portfolio worth IDR 306.42 billion. The shareholders comprise ICTSI Far East Pte Ltd of 80.19% and the public of 19.81%.

After the acquisition, issued and paid-up capital of KARW was split into SKI of 80.19% and the public of 19.81%. The authorised capital and the stock in portfolio remain unchanged at IDR 600 billion and IDR 306.42 billion. SKI and ICTSI are not affiliated, both before and after KARW acquisition. (LK/ZH)