KRAS - PT. Krakatau Steel (Persero) Tbk

Rp 87

+3 (+4,00%)

JAKARTA – PT Krakatau Sarana Infrastruktur (KSI) has sold off 70% of its portion in PT Krakatau Daya Listrik (KDL) for IDR 2.25 trillion to PT Chandra Asri Pterochemical Tbk (TPIA). KSI is known as one of many subsidiaries of  PT Krakatau Steel (Persero) Tbk (KRAS).

Based on the prospectus quoted Wednesday (1/2), KSI is listed as the owner of 1.29 billion units of KDL’s shares of IDR 1,000 each worth IDR 1.29 trillion in total. Those shares are equal to 99.99% of KDL’s total issued and paid-up capital, while KRAS claims the remaining 0.01%. KDL records and authorised capital of IDR 3 trillion.

KSI’s divestment is meant to reduce KRAS’s financial expenses regarding the obligatory payment for Tranche B worth USD 524 million to its creditors, which will then allow the company to proceed with its restructuring process. In order to secure the money for the payment and avoid the risk of default, KRAS must divest its subsidiaries first. (LK/ZH)