The Jakarta Post
Shareholders of publicly listed PT Express Transindo Utama, which operates Express Taxi, agreed to convert bonds worth Rp 1 trillion (US$69.87 million) into shares during an extraordinary shareholders meeting on Monday.
The corporate secretary of Express, Megawati Affan told reporters after the meeting that the bonds would be converted into 10 billion shares.
“We will execute the decisions agreed during the meeting,” Megawati said, adding that the meeting meet the quorum as it was attended by 53.52 percent of the company’s shareholders.
She said the conversion would be done in stages. In the first phase, Rp 400 billion worth of shares would be converted into 4 billion shares. The conversion will start on May 15 and the new shares will be listed on the Indonesia Stock Exchange (IDX) on May 23.
On Dec. 31, 2020, Rp 600 billion worth bonds will be converted into 6 million shares.
Monday’s extraordinary shareholders meeting was the third held to discuss the matter. The two previous meetings failed to reach a quorum.
Apart from agreeing on the conversion of bonds into shares, the shareholders of the company, which is part of Rajawali Group, also agreed to sell all or part of the company’s assets to repay debts.
The Rp 1 trillion worth of bonds were issued on June 25, 2014 and mature on June 24 this year. (mai/bbn)