TIRA - PT. Tira Austenite Tbk

Rp 380

-26 (-7,00%)

JAKARTA – PT Tira Austinite Tbk (TIRA) nullifies its business partnership with PT Batam Citra International (BCI), a construction service provider for the oil and gas industry in Batam, following the COVID-19 pandemic. Soeseno Adi, the Corporate Secretary of Tira Austinite, relays the news through the information disclosure, quoted Tuesday (22/6).

It is mentioned that the partnership annulment is stated by selling TIRA’s and its subsidiaries’ shares to Ahmad Irfangi. Thus, after this transaction, the management structure in BCI changes to Ahmad Irfangi as the Director of BCI and Aziz Nurahman as the Commissary of BCI.

TIRA’s stock, amounting to IDR 500 million or 500 units of shares, in BCI is transferred to Ahmad Irpangi for IDR 923.70 million. Then, PT Alpha Austenite’s (AA) shares of 5,200 units in PT Sinar Persada Utama (SPU), worth IDR 5.2 billion in total, are sold to Ahmad Irfangi for IDR 10.01 billion.

According to Adi, after this transaction occurs, AA is no longer a stockholder in SPU. On the other side, TIRA gains an additional working capital worth approximately IDR 10.52 billion. TIRA and Ahmad Irfangi show no indications of affiliation. (LK/ZH)