JAKARTA - PT Century Textile Industry Tbk (CNTX) will go private after securing the approval from its shareholders on September 25, 2024. This issuer reported a deficit in equity of USD 21.58 million in the first half of 2024.

In the issued prospectus quoted Monday (19/8), Penfabric Sdn Berhad, the controlling shareholder of CNTX, will initiate a shares tender at IDR 400 per share.

The price is equivalent to 181.7% of the average highest price of CNTX in Indonesia Stock Exchange (IDX) within the past 90 days prior to the announcement of General Meeting of Shareholders regarding this go-private plan, which arrived at IDR 142 per share.

As of July 2024, CNTX reported total shares of 200 million. Toray Industries Ind claims 24% of them, followed by PT Budiman Kencana Lestari of 12%, PT Easterntex of 10%, PT Prospect Motor of 12%, Fenfabric Sdn Berhard of 30%, Tokai Senko KK of 0%, and the public of 12%.

The listed shares were 7.12% of total shares, and the ultimate beneficiaries of the shares are listed as Toray Industries Inc, Fenfabrics Sdn Bhd, PT Budiman Kencana Lestari PT Easterntex, and PT Prospect Motor.

In H1 2024, it reported sales of USD 6.99 million, down from USD 9.41 million seen in the same period in 2023. Operating loss also swelled to USD 745,425 from USD 437,243. (LK/ZH)