Provident Capital to acquire 54.58% of PALM

25 July 2022 09:27

JAKARTA – The portion of PT Provident Capital Indonesia (PCI) will rise to 54.58% by the end of the tender offer of 10.41% of shares of PT Provident Agro Tbk (PALM). In said corporate action, CPI plans to acquire a maximum of 736,728,500 shares owned by PALM’s shareholders.

In the information disclosure quoted Monday (25/7), Lim Na Lie, Corporate Secretary of Provident Agro, confirmed that PCI will record a possession of 3,880,929,391 shares of PALM’s entire issued and paid-up capital. “After this voluntary tender offer, PCI will become the sole controlling shareholder of the company, which was originally a shared position between PCI and PT Saratoga Sentra Business (SSB),” he explained further.

According to Lim Na Lie, SSB, a subsidiary of Saratoga Investama Sedaya, had indeed sold 1,779,885,090 units of its shares in PALM. With this divestment, SSB’s portion in PALM will shrink to 19.8% from the initial 44.88%.

Prior to this transaction, SSB and PCI were listed as the dominating shareholders, respectively owning 44.88% and 44.16% of the issued and paid-up capital of PALM, which amounted to 7,119,540,356 shares. The public shared the remaining 10.34%, while the treasury stock clocked up to 0.614%. (LK/ZH)

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