JAKARTA – Shimizu Corporation acquires 678.59 million shares from shareholders of PT Total Bangun Persada Tbk (TOTL) for IDR 393.58 billion. Total shares acquired through a tender offer are equal to 19.90% of total issued and paid-up capital of TOTL.

In the short prospectus quoted Thursday (18/7), the voluntary tender offer price is said to have been set to IDR 580 per share. The price is decided after recording the average of the highest transaction price within the past 90 days, from April 18 to July 16, 2024. The tender offer itself will last from August 24 to September 24, 2024.

As of June 2024, TOTL’s authorised capital was reported at IDR 500 billon, and issued and paid-up capital was IDR 341 billion, while the stock in portfolio was IDR 159 billion.

TOTL’s shareholders now consist of PT Total Inti Persada (TIP) of 56.50%, Djajang Tanuwidjaja 9.94%, Pinarto Sutanto 1.83%, and the public 31.73%.

Shimizu, on the other hand, books authorised capital of 1.5 billion shares, issued and paid-up capital of 743.67 million shares, and stock portfolio of 756.32 million shares.

Shimizu’s shareholders are The Master Trust Bank of Japan, Ltd 13.62%, Shimizu & Co Ltd 10.43%, Social Walfare Corporation Shimizu Foundation 5.20%, shareholders below 5% of 66.80%, and treasury shares of 3.95%

Within the past three years, Shimizu recorded joint operation contract with TOTL for several projects, including Kantor Daswin, Palm Court Service Apartment, Menara Astra, and MNC Media Tower. (LK/ZH)