ITM buys out Jorong Baru Greston's new shares

By Peni Pedriawan

Banpu's IDX listed subsidiary PT Indo Tambangraya Megah Tbk (ITM) has signed an affiliated transaction dated August 27 to buy out a total of 12,624 new shares from its 99.66 percent subsidiary PT Jorong Barutama Greston (JBG), the transaction, valued at Rp189.360 billion, allows JBG to double its capital.

"Another reason why this affiliated transaction was signed because JBG has recorded a negative equity as of June 2012, reaching US$ 7.65 million," the company said today in a statement submitted to the Indonesian Stock Exchange.

ITM owns 299 shares at JBG valued at Rp 4.485 billion before the transaction, while the remaining 0.34 percent shares was owned by PT Kitadin valued at Rp15 million. At the completion of the transaction, ITM will be entitled for a total of 12,923 shares valued at Rp193.845 billion, accumulating to a total of 99.99 percent ownership.

Lukrnanul Hakim, following the completion of transaction, now acts as commissioner for both companies, while ITM commissioner Somyot Ruchirawat also acts as President Commissioner of JBG. Pongsak Thongampai is appointed as President Director of both companies.

Editing by Er Audy Zandri