HomeNewsVideos

ESTA to take over EPI’s shares after rights issue

17 May 2022 16:06

JAKARTA – PT Esta Multi Usaha Tbk (ESTA) plans to acquire the majority of shares of PT Esta Prima Investama (EPI) from PT Esta Utama Corpora (EUC) after the rights issue approval from its shareholders. EPI will then be listed as a subsidiary of ESTA, completing ESTA’s vision of an integrated hospitality company.

In the information disclosure quoted Tuesday (17/5), Suryanto Witono, Director of ESTA, claimed that the company expects efficiency after its synergy with EPI. “The company will gain extra capital, particularly in the form of equity, and raise the stock liquidity of the company, which currently remains low,” he stated.

EPI currently manages three two-star hotels with an occupancy rate of 47%-65% and records a positive free cash flow. Additionally, EPI has already restructured its credit tenor with its creditor, Hana Bank. “After EPI’s debts to Hana Bank are settled, it will add to the company’s value,” Witono added.

According to Witono, the company and EPI plans to build Esta Tower, a building with a mixed combination of office tower and hotel in ICE BSD, Tangerang. (LK/ZH)

© 2024 - IDN Financials - All Rights Reserved.