11 Jan 2024
Bloomberg Technoz, Jakarta – Issuer Low Tuck Kwong, PT Samindo Resources Tbk (MYOH) will hold a mandatory tender or tender offer for the shares of PT Transkon Jaya Tbk (TRJA).
This tender offer is carried out in line with the completion of Samindo Resources’ (MYOH) acquisition of the majority of Transkon Jaya shares.
Based on information disclosure, Thursday (11/1/2024), Samindo Resources (MYOH) will tender 271.83 million shares or equivalent to 18% of the issued and fully paid capital of Transkon Jaya (TRJA).
The mandatory tender offer price is set at Rp281/share. This price is obtained from the average daily high price of TRJA shares traded on the IDX for 90 days prior to the date of the negotiation announcement, which is IDR 280.19. The tender offer price is also higher than the TRJA acquisition transaction price of IDR275/share.
This mandatory tender offer is carried out to provide an opportunity for public shareholders and TRJA shareholders, namely PT Aneka, to sell their shares to MYOH as the new controller at the mandatory tender offer price.
Thus, MYOH spent IDR 307.32 billion to conduct the tender offer. The tender offer period runs from January 12 to February 10, 2024, with the payment date falling on February 22, 2024.
The tender offer will result in MYOH owning a maximum of 1.38 billion shares, which is 92% of TRJA’s issued and paid-up capital. This is taking into account that the takeover and mandatory tender offer will result in the new controlling shareholding being more than 80%.
On November 30, 2023, MYOH and TRJA’s existing controllers, namely Pt Damai Investama Sukses and PT MSJ Investama Abadi, have signed a sale and purchase agreement for TRJA shares, to purchase 1.11 billion shares, which constitute 74% of the issued and paid-up capital.