ETWA - PT. Eterindo Wahanatama Tbk

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JAKARTA – PT Eterindo Wahanatama Tbk (ETWA) would issue 3,700,374,400 series B shares through a private placement. This issuance is a result of converting debts worth IDR 232.52 billion.

In the information disclosure, quoted Tuesday (28/9), Lie Kiong, President Director of Eterindo Wahanatama, confirmed that the private placement involves new shares from debt conversion and fund injection of IDR 45 billion in total. The price of the converted shares reaches IDR 75 per share. “This private placement is arranged due to ETWA’s working capital is currently at a negative point. Moreover, its liabilities exceed 80% of ETWA’s total assets,” he admitted.

ETWA is still keeping Series A shares in portfolio of 1.5 billion units. The total Series B shares to be issued covers 25% of the fresh authorised capital of 18.674,685,600 shares. This plan will then be discussed further during the Extraordinary General Shareholders Meeting on October 14, 2021.

For the record, ETWA is known to owe PT Mordred Investama Indonesia (MMI) IDR 232.52 billion. This amount was a result of a debt assignment from ETWA’s subsidiary. MMI then took over the receivables from ETWA’s previous three creditors. They are PT Kencana Agung Abadi (KAA) with IDR 128.96 billion and USD 2.17 million, South East Asia Export Import (SEA) with USD 2.09 million, and PT Chemone Indonesia Indonesia (CI) with IDR 33.79 billion. (LK/ZH)