JAKARTA - PT Sinar Mas Multiartha Tbk (SMMA) has sold 37.50% of its shares in its subsidiary, PT Asuransi Jiwa Sinarmas MSIG Tbk (LIFE). As a consequence of this corporate action, Sinarmas Life Insurance will be controlled by Mitsui Sumitomo Insurance Co., Ltd.
Based on the disclosure of company information disclosure Doddy Susanto, President Director of PT Sinar Mas Multiartha Tbk (SMMA), stated that the transaction was not an affiliated one. "The number of shares offered is 393,750,000 shares at a nominal price of Rp 100 per share,"
In the IPO held on 9 July 2019, Sinarmas Life Insurance offered 393,750,000 shares at a price of Rp12,100 per share. The company obtained Rp 4.76 trillion.
The composition of Sinarmas Life Insurance shareholders consists of PT Sinar Mas Multiartha Tbk. (50%) and Mitsui Sumitomo Insurance Co Ltd. (50%) The company's authorized capital is Rp 105 billion and its issued and paid-up capital is Rp 105 billion. After the corporate action, the composition shareholders will change as follows: PT Sinar Mas Multiartha Tbk (12.50%), Mitsui Sumitomo Insurance Co Ltd. (by 50%), and the public (37.50%). (LK/AR)