JAKARTA. PT Dian Swastatika Sentosa Tbk (DSSA), a part of Sinarmas Group, will transfer its stock portion in Golden Energy and Resources Ltd (GEAR), consisting of 2,044,145,469 shares worth USD 235.39 million, to a Singaporean-based company, Duchess Avenue Pte. Ltd.
Based on the information disclosure in Indonesia Stock Exchange (IDX), after this energy company divests its portion in GEAR, GEAR will proceed with the steps toward its voluntary delisting. DSSA will then restructure by acquiring GEMS’s portion, comprising 2,848,721,125 shares worth USD 1.05 billion.
“Pertaining to the plan of GEMS’s shares transfer, in order to maintain their major shareholder positions, DSSA and GEAR will step in as the standby buyers to purchase GEMS’s shares, which are initially owned by GEAR, for IDR 5,500 per share,” the management of DSSA explained thoroughly in the information disclosure yesterday (9/11).
There is no effective change in DSSA’s portion in GEMS in said transaction. DSSA will still have a claim over 48.43% of GEMS’s shares before and after the transaction. On the other hand, after transferring GEAR’s shares to Duchess Avenue, DSSA will no longer be one of GEAR’s shareholders, and thus will not consolidate the financial report of GEAR and its subsidiaries into its own.
The company spotted a loss of USD 191.5 million with this divestment of GEAR’s shares, as it should after divesting its subsidiary. Then, for the record, GEMS’s shares that will be acquired by DSSA amount to 413,867,781 units at most, equivalent to 7.04% of GEMS’s shares. Thus, DSSA’s portion in GEMS will rise to a maximum of 55.46%.
In order to conduct these corporate actions, DSSA will firstly seek approval from its shareholders in the Extraordinary General Shareholders Meeting that will be held on December 20, 2022. (AM/ZH)