JAKARTA: The Capital Market and Financial Institution Supervisory Agency (Bapepam-LK) requires PT Indocitra Finance Tbk to change its core business to be able to realize its rights issue and acquire Amstelco Plc.
Amstelco is an oil and gas investment company founded in England. The requirement from the Bapepam-LK has delayed Indocitra Finance's rights issue, which is estimated to worth IDR3.6 trillion. "Based on the regulation, a multifinance company can only acquire domestic financial companies. Therefore, the realization of Indocitra's plan requires them to change their core business," explained Head of the Financing and Guarantee Bureau at the Bapepam-LK Moch. Ihsanudin yesterday. He referred to Minister of Finance Regulation No. 84/PMK.012/2006 on Multifinance. Article 29 on equities of the regulation reads that a multifinance company is only allowed to inject equities to financial companies in Indonesia. Therefore, a multifinance company intending to buy companies located overseas is required to change their core business first by changing the company's article of corporation and corporate deed at the Ministry of Justice and Human Rights. According to him, the new company can request its multifinance permit removal from the Bapepam-LK or the Minister of Finance. Indocitra intends to acquire Amstelco, using IDR2.75 trillion funds it will raise from the rights issue. The company plans to issue 1.44 billion shares at an offering price of IDR2,500 per share. After the acquisition, Indocitra will own a 99.65% stake in Amstelco and change the name to PT Amstelco Indonesia Tbk, indicated as part of a chain of backdoor listing scheme. Around 23.48% of the rights issue fund will also be used as business capital and to finance rights issue, while the rest IDR1 billion will be used to acquire 99.99% shares in PT Amstelco Energy Resources. In rights issue, Amco Plc, recently founded in England before the prospectus is published, will act as the standby buyer. In addition, there is only one company expressing its willingness to absorb some of the rights issue, namely Mador Investments Ltd. However, due to the regulation from the Financing Bureau at the Bapepam-LK, the extraordinary shareholders general meeting (RUPSLB), which will discuss rights issue, acquisition, and its scheme, has to be delayed. (wiw)
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