Surya Semesta Internusa Signs Contract For Transfer Of Shares Of Subsidiaries Of IDR 3.1 Trillion

Cooperation (Photo: dock. Unsplash)

JAKARTA - PT Surya Semesta Internusa Tbk (SSIA) together with PT Anawata Puspa Utama (APU) have signed a Sale and Purchase of Shares and New Shares Collection Agreement for a subsidiary of PT Suryacipta Swadaya (SCS).

Through this agreement, SSIA and APU agreed on a transaction plan with a total value of IDR 3.1 trillion, in the form of a takeover of 55.80 million shares of SCS owned by SSIA worth IDR 169.8 billion.

"And the taking of all the new shares that SCS will issue is 962.70 million shares with a value of Rp2.9 trillion by APU," said SSIA President Director Johannes Suriadjaja quoting Antara.

Following the planned transaction, Johannes explained SCS will still be a consolidated subsidiary in SSIA, which SSIA will own 1.77 billion shares in SCS or represent 63.5 percent of all issued and fully paid capital in SCS.

"The company will seek the shareholder's approval of this transaction plan through the SSIA Extraordinary General Meeting of Shareholders (EGMS) which will be held on June 21, 2024," said Johannes.

Johannes explained that his party will continue to focus on developing SSIA's business to realize the vision of building a better Indonesia, one of which is by cooperating with strategic investors who have the same vision and goal.

"We are optimistic that this can bring SSIA bigger and bring more benefits to our shareholders and stakeholders," Johannes said.

With the existence of strategic investors through this transaction plan, according to him, it will strengthen SCS' capital structure by reducing bank debt, and indirectly reduce interest costs and increase equity which will make SCS more competitive.

"SCS will be faster in developing the Subang Smartpolitan Industrial Estate, so it will be more attractive to potential buyers of the Subang Smartpolitan Industrial Estate," Johannes said.

On April 30, 2024, BYD has become one of the main tenants of Subang Smartpolitan, where BYD became Subang Smartpolitan's first largest tenant by occupying an area of more than 108 hectares.

"The establishment of an EV factory by BYD in Subang Smartpolitan itself marks an important step in encouraging sustainable mobility in Indonesia and the Southeast Asia region," Johannes said.

Meanwhile, at Suryacipta City of Industry Karawang, PT Yadea Teknologi Indonesia conducted a groundbreaking of a manufacturing factory on May 13, 2024, in an area of 27 herktar (Ha) which will be their largest factory in Southeast Asia.

This positive development prompted the company to increase its marketing sales target throughout 2024 for Suryacipta City of Industry Karawang and Subang Smartpolitan from 65 hectares to 184 hectares or a sales value equivalent to IDR 2.2 trillion.

In the first quarter of 2024, SCS reported revenue of IDR 146.8 billion, or an increase of 85.8 percent year on year (yoy) from IDR 79.0 billion in the first quarter of 2023, which was supported by an increase in land sales of 1,192.2 percent (yoy) to IDR 67.6 billion from the previous IDR 5.2 billion.