Overshadowed By PKPU's Obligation, Tridomain Holds EGMS 20 December 20, 2023

Illustration. (Photo: Doc. Antara)

JAKARTA - Issuers of special raw materials (specialty materials) in the petrochemical sector, PT Tridomain Performance Materials Tbk. (TDPM) will hold an Annual and Extraordinary General Meeting of Shareholders on Wednesday, December 20, 2023, at the Grand Sahid Jaya Hotel, Jakarta.

Stepanus Ardhanova, President Director of TDPM in his official statement, said that the EGMS would ask for approval of changes to the Board of Directors and Board of Commissioners of the Company.

"In addition, the EGMS also asked for the ratification of the Balance and Computing of the Company's Loss Profit for the 2022 financial year which ends on December 31, 2022," explained Stepanus, quoted on Tuesday, December 19.

As is known, TDPM posted a net profit of USD 1.262 million in the first semester of 2023, or a sharp increase compared to the same period last year which suffered a net loss of USD 49.119 million.

In addition, TDPM on November 13, 2023, increased issued and paid-up capital in its subsidiaries. The increase in capital and placement was deposited into PT Tridomain Chemicals (TDC) through the Conversion of Receivables into share ownership.

TDC merupakan entitas anak dari Perseroan dengan persentase kepemilikan di TDC adalah sebesar 92,88 persen, dengan demikian TDC merupakan perusahaan terkendali Perseroan. Padahal, jika TDC membayar utang ke induk usaha, maka laba TDPM untuk kinerja FY 2023, diperkirakan akan makin membesar.

On the other hand, currently TDPM still has an obligation to pay off debts to bond holders and MTN, according to last year's PKPU decision. This was after TDPM experienced defaults, aka failed to pay off the principal of a number of debt securities issued, in 2021. This was said by the IDX to raise doubts about the company's business continuity.

The Central Jakarta District Court then carried out homologation through the decision in the PKPU case No. 420/Pdt.Sus-PKPU/2021/PN. Niaga.Jkt.Pst. Referring to the PKPU decision, TDPM must carry out its third debt installment payment obligation to creditors in December 2023.