JAKARTA – Three new investors will be listed as shareholders of PT Logindo Samudramakmur Tbk (LEAD) via debt-to-equity swap scheme. The approval for this corporate action will be obtained on Thursday (14/11).

In the short prospectus quoted Monday (12/11), LEAD is said to issue 1.75 billion shares worth IDR 25 each, which are equal to 30.17% of total issued and paid-up capital of the company. The issued shares will then be converted to equity to compensate for previous debts under debt-to-equity swap.

As of April 24, 2024, LEAD reported outstanding debt owed to UOB of USD 69.21 million and to DBS of USD 26.02 million. Both debts were then transferred to OCP Asia Fund IV (SF1) Pte Limitd (OCP IV) and OCP V, totalling USD 95.23 million.

Meanwhile, some of OCP IV payables, of USD 5.70 million, and OCP V payables worth USD 9.66 million, were reallocated to Oakshire Capital Advisors Pte Ltd (OCA).

Finally, OCA transferred total debts of USD 15.37 million to PT Jalan Terang Samudra (JTS).

Now, LEAD’s outstanding debt after this debt-to-equity swap clocks up to USD 95.23 million, consisting of Facility A of USD 46 million, Facility B of USD 10.20 million, and Facility C of USD 39.03 million.

After this private placement, LEAD’s payables will shrink even more to USD 75.23 million. All proceeds of private placement will be used to pay off debt and convert debts to equity.

In addition, the authorised capital will rise to USD 43.55 million from USD 23.55 million, with net working capital finally hitting USD 16.97 million from the previous minus USD 3.02 million.

Current ratio will also improve to 2.45 from the previous 0.90, with debt-to-equity ratio increasing to 0.53 from 0.23.

As of now, LEAD’s authorised capital is at IDR 180 billion, with issued and paid-up capital of IDR 101.24 billion and stock in portfolio of IDR 78.75 billion.

The shareholder structure consists of Pacific Offshore Pte Ltd of 32.42%, Eddy Kurniawan Logam 7.06%, Manoj Pitamber 6.07%, Pinky NK 5.18%, Merna Logam 2.35%, Ragil Marzuki Sumarno 0.05%, and the public 46.86%. (LK/ZH)