JAKARTA - PT Bentoel Internasional Investama Tbk (RMBA) has sold a packer machine to British American Tobacco (BAT) Turkey for Rp 43.53 billion, with the latter being a Bentoel Group affiliate company. The sale is part of Bentoel's effort to improve efficiency.
According to the company's stock exchange filing, BAT Turkey is a tobacco company based in Istanbul that produces cigarettes and cigars. Both BAT Turkey and Bentoel International are indirectly controlled by Waston Investment Co Ltd. Currently, Bentoel's shareholders consist of British American Tobacco Ltd (92.48%), United Bank of Switzerland AG (7.29%), and the public (0.23%).
Assessment on the asset's selling price was carried out by Yanuar Bey & Partners Public Appraisal Office. The machine is located in Banjararum, Malang, East Java. Proceeds from the sale will be used to strengthen the company's working capital and cash. (LK/MS)