JAKARTA. PT Benteng Api Technic Tbk (BATR), a fire resistant material and heat insulation manufacturer, has conducted several assets in the form of land and building to support operational activities.

This asset acquisition was carried out on June 11, 2024, exactly one day after BATR listed its shares in Indonesia Stock Exchange (IDX). The transaction of reported asset acquisition is valued at IDR 24.9 billion.

The management of BATR mentioned that these assets were purchased from Ridwan and Sugeng Suryadi. Ridwan is known as the incumbent President Director of the company, while Sugeng Suryadi takes office as President Commissioner of BATR.

"The transaction is an affiliate transaction as stated in OJK Regulation No. 42/POJK.04/2020,” said the management of BATR in its official statement.

Prior to this, the management of BATR has also stated this asset acquisition plan in the prospectus of Initial Public Offering (IPO). In said prospectus, it is said that 38,65% of IPO procerds, worth IDR 24.9 billion, will be allocation to buy land and building from affiliated parties.

For the record, BATR has raised fresh funds of IDR 72.18 billion from its IPO. The number of shares issued by the company in this corporate action is 656.25 million shares, equal to 20% of its issued and paid-up capital. (KR/ZH)