JAKARTA – Free float portion of PT Suryamas Dutamakmur Tbk (SMDM) were down to 1.03% of total listed shares following the mandatory tender offer initiated by PT Bumi Serpong Damai Tbk (BSDE). Referring to the conditions set by the authority of capital market, public issuers must meet minimum free float rate of 7.5%.

Hermawan Wijaya, Director of BSDE, confirmed that this mandatory tender offer involved 382.01 million shares, or a maximum of 8.01% of SMDM’s issued and paid-up capital.

“The shareholders divesting the shares during the mandatory tender offer amounted to 59 shareholders, divesting 333.01 million shares or 6.98% of shares,” Wijaya explained, as quoted Tuesday (4/2).

According to Wijaya, the tender offer was first initiated on December 17, 2024, and ended last month (24/1). The purchasing price was set to IDR 531 per share, bringing the total value to IDR 176.83 billion.

Prior to this corporate action, SMDM reported authorised capital of IDR 1.90 trillion, while issued and paid-up capital hit IDR 1.51 trillion.

The controller used to claim 91.99% of the shares, while the public still had 8.01%. However, post-tender offer, the new controller acquired 98.97% of the shares, while the public’s portion was down to 1.03%.

BSDE is officially the new controller of SMDM after taking over 91.99% or 4.39 billion shares from Top Global Limited (TGL) on July 31, 2024. Total transaction at that time amounted to IDR 2.33 trillion.

In December 2024, SMDM still reported free float of 381.85 million shares, equal to 8.01%, with total shareholders of 1,214. (LK/ZH)