Sari Roti to receive Rp 459.41 billion from Lief Holdings
JAKARTA - Bread manufacturer PT Nippon Indosari Corpindo Tbk (ROTI) or Sari Roti will receive Rp 459.41 billion of fresh funds after transferring 375,033,700 shares to Lief Holdings Pte Ltd in a transaction taking place on Monday (5/0), said Sari Roti Corporate Secretary Sri Mulyana.
Lief Holdings is owned by the Yap family while one of its members Wendy Yap currently serves as Sari Roti CEO. "The company's transfer of shares to Lief Holdings Pte Ltd will reflect the commitment and full support of Ms Wendy Yap to the company's business potential in the future," said Ms Mulyana in the filing.
According to Ms Mulyana, the transfer of shares is taking place on 5 October 2020. Funds from the transaction will be used for business expansion and repay non-current loans in order to reduce the company's interest expenses.
Currently Sari Roti has Rp 344 billion in authorised capital and Rp 123.72 billion in placed and paid-up capital. The company's ownership structure currently consists of PT Indoritel Makmur Internasional Tbk (DNET) with a 25.77% stake, Bonlight Investments Ltd with 20.79%, Demeter Indo Investment Pte Ltd with 19.64%, Pasco Shikishima Corp with 8.50%, Lief Holdings Pte Ltd with 6.06%, and public investors with 19.23%. (LK/MS)