JAKARTA. PT Ungaran Sari Garments (USG) has stated its readiness to conduct a mandatory tender offer of up to Rp 7.65 billion, to take over 56.7 million shares of PT Eratex Djaja Tbk (ERTX).
USG's management explained that the price for the tender offer has been set at Rp135 per share. The total number of shares to be taken over by USG is equivalent to 4.41% of ERTX's issued and paid-up capital.
With the takeover of ERTX shares, USG's management plans to expand its customer base. In addition, ERTX's production volume and operational efficiency will also be improved. "The goal is to create a mutually beneficial relationship between USG and Eratex," explained USG's management in its information disclosure.
The tender offer period will run from 25 August until 23 September 2020. USG has appointed PT Samuel Sekuritas Indonesia to handle the tender offer process.
For the record, this tender offer was carried out because at the end of June 2020, USG had purchased 92.39% of ERTX shares from PT Buana Indah Garments. (KR/AR)