Commission VI Approves The Rights Issue Of Six SOEs, There Are SMGR, WSKT To GIAA

JAKARTA - Commission VI of the DPR has approved the corporate action initiative that will be carried out by state-owned companies.

Six of them are rights issue actions and one is the release of state share ownership.

Deputy Chairman of Commission VI and chairman of the meeting, Mohamad Hekal said, all factions in Commission VI of the DPR have approved the corporate action of the Ministry of SOEs.

"Commission VI of the DPR RI asks the Ministry of SOEs to pay attention to all notes/views of the factions in Commission VI DPR RI regarding the PMN approval in 2024 and corporate action initiatives in 2022 as an integral part of this agreement," he said in a Working Meeting with SOE Minister Erick Thohir, Monday, July 4.

The details of SOEs that will carry out corporate actions include, first, PT Krakatau Steel (Persero) Tbk. The rights issue of the issuer codenamed KRAS will be used for debt repayment and business development.

"Commission VI of the Ministry of SOEs is to consider the involvement of other SOEs in the implementation of this corporate action," he said.

Second, PT Waskita Karya (Persero) Tbk will sell its shares in a portfolio using the rights issue privatization method in accordance with the PMN FY 2022 approval of IDR 3 trillion.

Third, PT Adhi Karya (Persero) Tbk will sell its shares in a portfolio using the right issue privatization method in accordance with the PMN FY 2022 approval of IDR 1.98 trillion.

Fourth, PT Bank Tabungan Negara (Persero) Tbk will sell shares in portfolios using the rights issue privatization method in accordance with PMN approval for Fiscal Year 2022 up to Rp. 2.98 trillion from investment financing reserves.

Fifth, PT Semen Indonesia (Persero) Tbk will sell its shares in the portfolio using the right issue privatization method in accordance with the approval of Inbreng Semen Baturaja at Semen Indonesia as an implementation of the Ministry of SOE's policy in integrating SOEs in the Cement Sub-Cluster to strengthen SOEs in the cement industry competition.

Finally, PT Garuda Indonesia (Persero) Tbk in terms of additional State Equity Participation from the 2022 FY State Budget investment financing reserves to PT Garuda Indonesia (Persero) Tbk amounting to Rp7.5 trillion which will be used to strengthen capital in order to carry out its business activities.

"The rights issue of PT Garuda Indonesia (Persero) Tbk, as a follow-up to the approval of PMN FY 2022 in the amount of Rp. 7.5 trillion; conversion of mandatory convertible bonds of Rp. 1 trillion by the government; equity participation from other shareholders and/or the public; and debt conversion into shares from the creditor's claim settlement value," he said.

In addition to the rights issue, said Hekal, Commission VI of the DPR also approved another corporate action, namely the release of state ownership of PT Semen Kupang.

The company will sell government shares using the privatization method of selling shares directly to investors.