Jhonlin Group Deposits 45.14 Million US Dollars To Bumi Resources, Equivalent To 10 Percent Of Revenue Of The Company Owned By The Bakrie Conglomerate Family

Photo: Doc. PT Jhonlin Agro Raya Tbk

JAKARTA - Jhonlin Group deposited funds worth 45.14 million US dollars as the income of an issuer belonging to the Bakrie conglomerate family, PT Bumi Resources Tbk (BUMI). This is observed from the financial statements of the first quarter of 2022, where Jhonlin Group is observed to contribute more than 10 percent of BUMI's revenue.

The income from the Haji Isam company of 45.14 million US dollars is equivalent to IDR 651 billion when converted using the Bank Indonesia middle rate on March 31, 2022, amounting to IDR 14,420.

In addition to revenue, BUMI also has other debts to the Jhonlin Group amounting to 52.09 million US dollars. On the other hand, one of the Jhonlin Group's agribusiness subsidiaries, PT Jhonlin Agro Raya Tbk (JARR) plans to conduct an initial public offering of shares by releasing a maximum of 1.2 billion (1,222,950,000) shares, with a nominal value of IDR 100.

These shares represent a maximum of 15.29 percent of the issued and fully paid capital of the company after the initial public offering. The plan is that JARR's IPO will be offered to the public for IDR 250-IDR 300 per share. With this price, it is estimated that JARR will be able to obtain fresh funds of up to IDR 366.8 billion.

21 percent of the proceeds from this public offering will be used for the construction costs of the palm oil mill project. The use of these funds is categorized by the company as capital expenditure. Then, around 79 percent will be used by the company for working capital, namely to purchase CPO and other raw materials.

The use of these funds is categorized as operating expenditure by the company. The estimated schedule for this IPO is the initial offering period on July 12-15, 2022, the estimated effective date on July 26, 2022, and the estimated public offering period on 28 July- August 1, 2022.

Then, the estimated date of the allotment is on August 1, 2022, the estimated date of distribution of shares electronically on August 2, 2022, and the estimated listing of shares on the IDX on August 3, 2022.