Moratelindo, Subsidiary Of Smartfren Owned By Conglomerate Eka Tjipta Widjaja To Acquire Indo Pratama Teleglobal For IDR 18.21 Billion

Illustrations. (Photo: Doc. Moratelindo)

JAKARTA - PT Mora Telematika Indonesia alias Moratelindo, which is a subsidiary of PT Smartfren Telecom Tbk (FREN) of the Sinar Mas group, will take corporate action. Moratelindo wants to acquire a 65 percent stake in PT Indo Pratama Teleglobal for IDR 18.21 billion.

Corporate Secretary of Mora Telematika Indonesia (Moratelindo) Henry Rizard Rumopa said that the signing of the circular decision of shareholders to replace the GMS with the result of acquiring Indo Pratama Teleglobal (IPT) shares on September 23, 2021.

"Buying or taking over most of the shares issued by PT Indo Pratama Teleglobal, namely 145.730 shares owned by PT Telekomunikasi Nusantara Sejahtera in the IPT," he explained in information disclosure on the Indonesia Stock Exchange (IDX) website, quoted Wednesday, September 29.

The shares acquired constituted 65 percent of the issued and fully paid shares in the IPT with a total purchase price of IDR 18.216.250.000 (rounded up to IDR 18,22 billion). In addition, Moratelindo owned by conglomerate Eka Tjipta Widjaja also took over and received the transfer of rights to the advance for share capital which had been deposited by PT TNS into PT IPT amounting to IDR 39.3 billion.

This corporate action aims to provide benefits to the company and for the best interests of the company. Furthermore, Moratelindo will sign a share purchase agreement with PT TNS wherein the company will have assets in the form of a 65 percent share ownership of PT IPT.

IPT, which is the acquisition target, is a limited liability company established under the laws of the Republic of Indonesia, domiciled in Central Jakarta, engaged in telecommunications services, particularly Very Small Aperture Terminal (VSAT) and internet transponders.

"The approval of this transaction plan has received approval from all of the company's creditors as the company's obligations are mandated in credit/financing agreements," said Henry.