JAKARTA – PT Bakrie & Brothers Tbk (BNBR) has successfully reduced its total liabilities by 19.07% following a debt-to-equity conversion valued at IDR 855 billion, as reported on Wednesday (11/12). The company's total liabilities now stand at IDR 3.62 trillion, down from IDR 4.48 trillion, based on its June 2024 financial report.

According to a disclosure released on Thursday (12/12), Eurofa Capital Investment Inc (ECII) and Slivery Moon Investment Ltd (SMIL) participated in the issuance of 13.59 billion Series E shares at a price of IDR 64 per share. The funds generated from this corporate action represent the conversion of BNBR's long-term loan to ECII amounting to IDR 750 billion and a short-term loan to SMIL worth IDR 105 billion.

Following this corporate maneuver, BNBR's current assets have increased to 130.28% from 102.17%, while total assets remain stable at a ratio of 0.02. The liabilities-to-equity ratio improved to 1.0 from 1.62, and the liabilities-to-total assets ratio decreased to 0.50 from 0.62. Additionally, BNBR's issued and fully paid-up capital rose from 160.05 billion shares to 173.41 billion shares, equivalent to IDR 4.76 trillion, with a market capitalization (market cap) increasing to IDR 7.97 trillion.

In the last six months, BNBR's stock performance improved by IDR 25 per share, climbing to IDR 45 from IDR 20. However, its price has corrected by IDR 5 from the start of the year when the stock was trading at IDR 50 per share. (LK/ZH)