JAKARTA. PT Itama Ranoraya Tbk (IRRA) is in the process of purchasing 51% of PT Oneject Indonesia’s (Oneject) shares. With this acquisition, IRRA aims to be a global player in the medical equipment manufacturing sector, meeting the demands from both the domestic and international markets.
The acquisition process was initiated not too long ago with a conditional sales-purchase agreement. This step supports the company’s vision of transforming into a high-tech manufacturer in the healthcare sector. Oneject is the second largest Auto Disable Syringe (ADS) manufacturer in Asia. It had sold its products to Europe, Asia, and UNICEF.
The press release issued by IRRA mentioned that the total acquisition value was set according to Public Appraisal Service Office’s (lit. Kantor Jasa Penilai Publik/KJPP) decision, using the FY2021 data as the reference. IRRA would purchase Oneject’s shares through two tranches. The first tranche is a preliminary payment of IDR 198.8 billion to be channelled while signing the sales-purchase agreement. The second is the final payment, amounting to the total acquisition price, substracted from the previous settlement.
For the initial payment, IRRA would utilise the entire proceeds of treasury stock sales of 100 million units for IDR 1,988 per share. Then, to cover the final payment, IRRA is arranging a rights issue.
Heru Firdausi Syarif, President Director of Itama Ranoraya, claimed that the acquisition process would be concluded by the end of the first half of 2022. Thus, by the end of 2022, Oneject’s gains could already be consolidated into IRRA’s report. This acquisition plan would have IRRA asking for permission from its shareholders regarding the intended rights issue to support the acquisition at an Extraordinary General Shareholders Meeting in Q1 2022. (AM/ZH)