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BAJA to pay off its debt of IDR 300.18 billion

29 June 2021 12:39

JAKARTA – PT Saranacentral Bajatama Tbk (BAJA) would pay off its debt amounting to USD 20.60 million or approximately IDR 300.18 billion to PT Sarana Steel (SS), maturing on October 3, 2021. The said debt would be covered by transferring SS’s additional capital in BAJA through a rights issue.

Handaja Susanto, the President Director of BAJA, reveals that the number of shares to be issued reaches 610 million, with the execution price of IDR 500 each. Once calculated, the total funds could reach IDR 305 billion. “Approximately 98.42% of the funds collected from the rights issue would be spent on paying off BAJA’s debts to SS, as stated in the credit agreement. The remaining would go to the working capital,” Susanto confirms in the information disclosure, quoted Tuesday (29/6).

The credit agreement between BAJA and SS, its affiliate, was signed on October 3, 2011, and renewed on October 3, 2016, to settle the debt to Bank Credit Suisse and Bank Sarasin Rabo (Asia) Ltd. The interest rate was 2% per year on top of the annual USD interest rate set by the Deposit Insurance Agency (LPS).

This corporate action is performed using the ratio of 180:61, which means for every 180 shares, one would receive 61 new shares. It would take place on October 13 to 25, 2021. The stockholders showing their commitments for this action include Ibnu Susanto, Handaja Susanto, Entarion Widjaja Susanto, Soediarto Soejoprahono, Pandji Surya S, Laksmono Tirto Kusumo, and Anton Sebastian. (LK/ZH)

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