TRIS - PT. Trisula International Tbk

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JAKARTA. PT Trisula International Tbk (TRIS) divested its receivables worth IDR 51 billion to PT Inti Nusa Damai (IND), one of its affiliated companies and its major shareholders.

TRIS and IND signed the receivables transfer agreement on July 29, 2022. “The acquisition of receivables owed from PT Gita to the company by IND took place with an intention to ensure the collectability of receivables, which will protect the shareholders’ interests,” the management of TRIS mentioned in the official announcement.

Based on idnfinancials.com data, the acquisition plan of PT Gita had been announced by TRIS five years ago. In 2017, the company laid out its intention to enter the snack industry by taking control over PT Gita.

The value of said acquisition estimated by TRIS reaches IDR 60 billion. Until March 2022, the company had paid the down payment of said investment to PT Gita worth IDR 51 billion. However, in its financial statement, PT Gita is yet to be officially listed as a subsidiary. Furthermore, the investment fund channelled by the company was recorded as non-current assets instead.

Then, last April, TRIS wished to divest the receivables of the down payment of investment in PT Gita to PT Sumber Asa Eternal (SAE). However, this plan was ruled out on July 12, 2022. For context, SAE is a company owned by Dedie Suherlan, the company’s major shareholder. (KR/ZH)