JAKARTA. Mitsui & Co Ltd of Japan is revealed to supply fresh funds of IDR 13.2 trillion to CT Corp, a company owned by Chairul Tanjung, by buying the company’s convertible bonds.
Mitsui & Co Ltd. is a Japan-based company under Mitsui Group. It announced its intention to purchase the convertible bonds worth JPY 100 billion, or equal to IDR 13.2 trillion, issued by CT Corpora. In a press conference, it was stated that the bonds would be given in two parts. The first round would have JPY 33 billion, which would substitute the corporate bonds that Mitsui once bought from CT Corp back in 2018. The remaining JPY 67 billion would be distributed separately and unrelated to the previous arrangement.
Mitsui keeps showing its commitment in its expansion to CT Corp. It plans to send its people to infiltrate the management structure of CT Corp following the possible stock conversion resulted from this arrangement.
A convertible bond is a type of obligation with low interest that could be converted to the issuer’s shares portion. Thus, with this purchase, Mitsui earns the right to turn the bonds into CT Corp’s shares in the future. (AM/ZH)