JAKARTA. PT Sariguna Primatirta Tbk (CLEO) sold 99.99% shares of PT Tanobel Sehat Nutrisi (TSN), the company's only subsidiary, to PT Tancorp Global Abadi (TGA) for Rp. 11 billion.
In the disclosure of information on the Indonesia Stock Exchange (IDX), the number of shares sold to TGA is 14,999 shares, with a value per shares of Rp 733,382.
After the sale, CLEO claimed that it would focus more on the bottled water business. "The sale and purchase transaction of TSN shares is the company's strategy to focus more on its main business," CLEO explained in a letter sent to the IDX.
TGA is actually CLEO's majority shareholder, with ownership of 55.67%. In 2018, the company's EBITDA to sales ratio was at 17.79%. Meanwhile, CLEO's Debt to Equity Ratio (DER) is at the level of 0.31 times in 2018. (KR/AR)