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Two Elnusa subsidiaries pursue a merger

08 May 2018 01:13 PM  Company: PT. Elnusa Tbk[ELSA]
Rp. 344  -4 (-1.15%)

JAKARTA – PT Elnusa Fabrikasi Konstruksi (EFK) based in Batam and PT Elnusa Patra Ritel (EPR) in South Jakarta will pursue a merger. Both companies are the subsidiary of PT Elnusa Tbk (ELSA).

As quoted from Kontan, the purpose of this merger is to increase the capability and boost growth from fabrication and construction business as well as widen EFK’s access of funding. Besides that, this merger is expected to optimize Elnusa Group’s asset.

According to the plan, the merger process will apply two approaches which are income based approach and market based approached. The conversion ratio will be 1:181.64 or 1 EFK shares for 181.64 EPR share.

The extraordinary general meeting of shareholders will be held on June 7 for the approval of this merger, while the effective date of the merger will take place on June 30. (LM/W)

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PT. Elnusa Tbk [ELSA]   Rp. 344   -4 (-1.15%)