JAKARTA. A company from Thailand, Siam Cement Public Company Limited (SCG), will acquire a majority stake in PT Fajar Surya Wisesa Tbk (FASW) through its subsidiary SCG Packaging. The acquisition was worth around Rp. 9.6 trillion.
The conditional sale and purchase agreement was signed last weekend by SCG and FASW's largest shareholder.
President Director of FASW, Yustinus Y. Kusumah said that the shares purchased by SCG Packaging were shares owned by PT Intercipta Sempana, PT Garama Dhananjaya and Hartono Herjanto, all of which represented 55% of all capital paid by FASW. In the disclosure of information to the Thailand Stock Exchange, SCG revealed that the value of the shares was around Rp. 9.6 trillion.
The acquisition was done with a price of around Rp 7,050 per share, lower than the closing price last week of Rp 8,000 per share.
"After taking over these shares, SCG Packaging will become the new controller of Fajar Surya Wisesa," Yustinus said.
Yustinus explained that the acquisition plan would not affect FASW's financial condition because the transaction was carried out by the shareholders. So the proceeds from the sale are not included in FASW cash.(AM/AR)