Palm-oil company PT BW Plantation announced on Monday that Rajawali Corpora now owns 21
alm-oil company PT BW Plantation announced on Monday that Rajawali Corpora now owns 21.55 percent of the company following the latter's purchase of two British Virgin Islands firms that own the stake.
In a statement to the Indonesian Stock Exchange (IDX), BW Plantation said it had received letters from Matacuna Group and Pegasus CP One, notifying it that Rajawali had now become the ultimate beneficial owner of the two companies.
'Due to the transfer of ownership of Matacuna, Rajawali has indirectly become the owner of the shares of the company,' the statement read.
Matacuna is the owner of 558.38 million shares of BW Plantation representing 12.49 percent of the entire issued and paid-up capital of the company.
Pegasus made a similar statement, stating that Rajawali was now a beneficial owner of 405.1 million shares of BW Plantation through the British Virgin Islands firm. Pegasus holds around 9.06 percent of BW Plantation's paid-up capital.
Pegasus bought BW Plantation's shares through a private placement last November, at a price of Rp 850 (7 US cents). Meanwhile, Matacuna purchased the stake in the plantation firm through a share-crossing transaction last December, with each share priced at Rp 1,085.
BW Plantation corporate secretary Kelik Irwantoro said his company was not informed prior to the transactions, adding that any transfer of ownership was up to the shareholders to make.
Kelik said he got information about the transaction only after his company received the notification letters. 'Rajawali probably acquired the British Virgin Islands firms from other parties, and the transaction now makes the group an indirect owner of our shares,' Kelik explained.
'Nevertheless, we believe that Rajawali's entry into our company is good for business and is attractive for investors, given its experience in the agribusiness sector. We, however, have yet to discuss with Rajawali about any future steps it will take to synergize us with its own business.'
Rajawali Corpora is an industrial conglomerate with business units in agribusiness, telecommunications, hotels, consumer goods, retail, department stores and transportation. It was founded in 1984 by business tycoon Peter Sondakh, one of Indonesia's richest men.
Rajawali's plan to acquire BW Plantation earlier this year had been reported in the media, but the rumor was later denied by BW Plantation.
In July, however, Stephen K. Sulistyo, managing director of business development and investment at Rajawali Corpora, was appointed the president commissioner of BW Plantation.
The notification letter sent by Matacuna also confirmed Rajawali's acquisition of the oil-palm plantation firm. 'Matacuna understands that the transfer of ownership was carried out by Rajawali for the purpose of investment in the company,' it stated.
Rajawali Corpora external communications senior manager Christiantoko said that his company's acquisition of BW Plantation was to strengthen its plantation portfolio. However, he did not give details as to how much Rajawali had paid for the two British Virgin Islands firms.
BW Plantation currently owns more than 89,000 hectares in Central Kalimantan, East Kalimantan and West Kalimantan, of which its total planted area exceeds 62,000 hectares.
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