Barito Pacific acquires 51% of BWI’s shares from its subsidiary
JAKARTA. PT Barito Pacific Tbk (BRPT) purchases 51% of PT Barito Wanabinar Indonesia’s (BWI) shares for IDR 171.85 billion from PT Barito Pacific Lumber (BPL), a subsidiary of BRPT.
In the information disclosure, Director and Corporate Secretary of BRPT, Diana Arsiyanti, claims that on August 31, 2021, BPL and BRPT had finalised a sales-purchase agreement over 1,275 shares or 51% of BPL’s entire portion planted in BWI. Thus, it makes BWI a “granddaughter” company of Barito Pacific. This transaction is evidently deemed an affiliated transaction, as stated and regulated in POJK No. 42/2020. Besides the direct connection between BRPT and BPL, Prajogo Pangestu also acts as the primary shareholder in both companies.
Pangestu is also President Commissioner of both Barito Pacific and Barito Pacific Lumber. In addition, BRPT owns 48% of the outstanding shares in BWI. On the other hand, BWI and its affiliates have assets of 49% of shares in PT Sumber Graha Maluku (SGM), a timber utilisation and processing company.
Arsiyanti hopes that this affiliate transaction would further advance SGM’s performance, thus being capable of providing a more substantial contribution to its shareholders. (AM/ZH)