Cilacap Samudera acquires 99.97% of JLG’s shares
JAKARTA – PT Cilacap Samudera Fishing Industry Tbk (ASHA), a processed seafood manufacturer, takes over 99.97% of PT Jembatan Lintas Global (JLG) for IDR 28 billion. This corporate action will allow new opportunities for the company to export seafood products to China.
“JLG has an operational area that is different from the company’s, which can help to meet the demands of the domestic markets in Central and East Java, as well as canning demands in Southeast Asia,” Willian Sutioso, President Director of ASHA, explained in the information disclosure quoted Wednesday (21/9).
ASHA and JLG are both linked to Ervin Sutioso, the shareholder of ASHA and the seller of 94.97% of JLG’s shares. Furthermore, Andi Sugiarto, the seller of 5% of JLG’s shares, is known as the husband of Erlin Sutioso, another shareholder of ASHA.
According to Sutioso, the acquisition of JLG will bring the company closer to the raw material sources and several local ports, including Brondong, Keranji, Rembang, and Juana. In addition, JLG’s position in Surabaya is indeed a transit centre for raw materials from Central and Eastern Indonesia.
JLG also has a China Registration Number, which is a prerequisite for exporters to China. It will then widen the scope of ASHA’s export destination countries. “It will generate more productive cash flow to the company,” Sutioso claimed. (LK/ZH)