JAKARTA. The ownership percentage of PT Dian Swastatika Sentosa Tbk (DSSA) in PT Smartfren Telecom Tbk (FREN) has increased following the conversion of its mandatory convertible bonds.
Susan Chandra, Corporate Secretary of Dian Swastatika Sentosa, explained that the converted bonds had been recorded in Indonesia Stock Exchange on July 11, 2022. “With this conversion, EMU’s and our portions in Smartfren has risen to 23%,” she added in the information disclosure.
For context, EMU is PT DSSE Energi Mas Utama, one of DSSA’s subsidiaries that is engaged in the investment business. Until March 31, 2022, EMU reportedly owned 2.6% of FREN, while DSSA had another 18.7%.
The total convertible bonds in DSSA’s possession until March 31, 2022, are USD 32.7 million or IDR 491.8 billion. It is equal to 70.3% of the total mandatory convertible bonds issued by FREN, which amounted to IDR 700 billion.
According to idnfinancials.com record, FREN reportedly plans to hold a private placement by issuing 31 billion units of new shares. This corporate action is meant to improve its debt-to-equity ratio. All in all, the company aimed to score IDR 3.1 trillion in return from this private placement. (KR/ZH)