Adaro Owned By Conglomerate Garibaldi 'Boy' Thohir Wants To Annex Trimegah Sekuritas, Disburse IDR 1.2 Trillion?

JAKARTA - Garibaldi 'Boy' Thohir conglomerate, the boss of PT Adaro Energy Tbk (ADRO) Garibaldi 'Boy' Thohir is rumored to be taking over the shares of PT Trimegah Sekuritas Indonesia Tbk (TRIM) from Advance Wealth Finance Ltd.

Quoted from an announcement in one of the national newspapers, Monday, October 4, Boy Thohir, who is the older brother of SOE Minister Erick Thohir, said that his party had signed a term sheet that had not been memorized in the context of the plan to take over TRIM shares.

The Boy Thohir consortium plans to buy Advance's 3,500,000,000 shares in Trimegah, aka 49.23 percent of the total shares issued by TRIM. This will result in a change of control over this securities company.

"The purpose of this takeover plan is for the investment and business development of the Boy Thohir consortium in the Indonesian capital market", Boy Thohir wrote.

Boy Thohir emphasized that his party does not own directly or indirectly TRIM shares.

The Boy Thohir consortium will carry out a mandatory tender offer by the provisions of POJK Number 9/2018. A tender offer is an obligation for a new controlling investor to offer to buy shares belonging to other investors, including public investors.

For information, as of June 2021, Advance Wealth's shares are held by Advance Wealth 49.23 percent (3.5 billion shares), PT Union Sampoerna 9.85 percent, Stephanus Turangan 0.31 percent. Then David Agus 0.25 percent, Syafriani Armand Saleh 0.24 percent, and the public narrows 40.12 percent.

If we assume and refer to TRIM's share price at the close of trading on Monday, October 4, which was at the level of IDR 366, Boy Thohir spent around IDR 1.2 trillion in this acquisition.