JAKARTA – PT Tunas Ridean Tbk (TURI) is planning to go private, stepping down from the Indonesia Stock Exchange (IDX), after holding the Extraordinary General Shareholders Meeting on July 12, 2022. The company sets the budget for this corporate action to a maximum of IDR 713.96 billion.
Dewi Yunita, Group Corporate Legal and Corporate Secretary of Tunas Ridean, explained that TURI’s stock is not actively traded, and its liquidity is relatively low as the number of public shareholders in the company is also small. “The number of shares that belongs to public shareholders is less than 7.52% of its entire issued and paid-up capital,” she reasoned further in the information disclosure quoted Friday (3/6).
The source to fund this corporate action comes from the internal cash of TURI of IDR 1.31 trillion, as well as short-term and long-term facilities of IDR 2.79 trillion and IDR 1.90 trillion, respectively, as reported at the end of December 2021. For the record, the outstanding loans, both short-term and long-term debts, amount to IDR 428 billion and IDR 697.95 billion, respectively.
Said corporate action will take up DIR 313.96 billion of its assets, depleting from IDR 6.80 trillion to IDR 6.48 trillion. Its total liabilities will then increase by IDR 400 bilion, from IDR 2.55 trillion to IDR 2.95 trillion. Meanwhile, its total equity will shrink by IDR 713.96 billion, from IDR 4.24 trillion to IDR 3.52 trillion, as would its current year’s profit by IDR 16.86 billion, from IDR 540.40 billion to IDR 523.71 billion. Lastly, its earning per share will climb by IDR 4 each, from IDR 97 per share to IDR 101 each. (LK/ZH)