JAKARTA. PT Lautan Luas Tbk (LTLS) announced the annulment of a merger plan between two of its subsidiaries, PT Dunia Kimia Utama and PT Liku Telaga, after the idea being rejected by its shareholders.
Joshua Chandraputra Asali, the Director and Corporate Secretary of LTLS, explained that the said cancellation had been stated by the management of Dunia Kimia Utama. “The information that was sent from PT Dunia Kimia Utama to the company was based on the consideration and the general meeting of its shareholders,” Asali continued in the information disclosure in Indonesia Stock Exchange.
Based on idnfinancials.com data, Dunia Kimia Utama is a chemical materials manufacturer located in Ogan Ilir. LTLS acquired the company in 1997 and now controls 53.38% of its shares. Dunia Kimia Utama owns assets worth IDR 66.34 billion by December 31, 2020.
Meanwhile, Liku Telaga is a chemical materials manufacturer located in Gresik. It was also acquired by LTLS in 1997 with a 53.38% shares’ ownership by the end of 2020. Liku Telaga reported having assets worth IDR 437.3 billion. (KR/ZH)