One of the World's Largest Sovereign Wealth Fund (GIC), Strengthens the Capital Structure of Nusantara Infrastructure Subsidiary
04 January 2024
Author: Administrator
Indah D.P. Pertiwi, Head of Corporate Communication & CSR of PT Nusantara Infrastructure Tbk, said, "We have obtained approval from the Shareholders for the entire agenda of today's EGMS. We also congratulate GIC, one of the major investors managed by the Government of Singapore, which is part of strengthening the Company's business".
GIC Ventures, through its subsidiary Warrington Investment Pte. Ltd. (WIPL), was formed and incorporated in Singapore, which is a subsidiary under the Ministry of Finance that owns and manages the assets of the Singapore Government.
Indah added, "With the entry of GIC, the debt for the acquisition of 40% MBZ Elevated Road shares will soon be repaid. After this, MUN will expand to build one of Jakarta's largest and most prestigious projects, the JORR Elevated Cikunir-Ulujami Toll Road, with an investment of Rp21 trillion. In the future, MUN will become a toll road company that continues to grow to develop and acquire various large toll road projects in Indonesia."
For information, three agendas were decided in this EGMS. The first is the approval of the capital increase plan by the Company's controlled Company, PT Margautama Nusantara (MUN), which resulted in MUN's financial statements no longer being consolidated by the Company. Second, approve the plan to change the Company's status from public to private (Go Private). Third, approval of the amendments to all provisions of the Company's Articles of Association in connection with the Go Private Plan, including those related to the change in the Company's status from a public company to a private company and changes in the Company's name.
In the EGM, which was approved by shareholders in the second agenda item related to the Go Private, the tender offer price was agreed at Rp250 per share, which is a premium of 34% higher than the average price of the highest daily trading price on the IDX within the last 90 days.
"Shareholders who agree and wish to sell their shares can proceed to the tender stage at the price offered," Indah concluded.
