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META relinquishes control of Margautama Nusantara to pay off Rp 4 trillion debt
Berita Terkini - Posted on 18 December 2023 Reading time 5 minutes
DIGIVESTASI - PT Nusantara Infrastructure Tbk (IDX: META) will hand over its management to PT Margautama Nusantara (MUN), a company that manages five toll roads.
After the transaction, MUN's financial reporting will no longer be consolidated by META, quoting the official statement of the infrastructure issuer published on its website, Friday (December 15, 2023).
The reason is that MUN plans to increase its capital by issuing 3,506 new shares with a nominal value of IDR 70 million per share.
Warrington will acquire 2,673 new MUN shares.
In other words, our subsidiary GIC (Ventures) Pte. Ltd deposited capital amounting to Rp3,317,243,631,613.
Meanwhile, PT Metro Pacific Tollway Indonesia Services (MPTIS) plans to acquire 833 new shares with a total investment of IDR 1,033,768,778,576.
MUN will use the funds to pay its principal debt of IDR 4.03 trillion to PT Bank Central Asia Tbk (IDX: BBCA).
The loan is known to have been used by MUN to acquire a 40 percent stake in PT Jasamarga Jalanrayan Cikampek (JJC) through MUN on October 10, 2022. Therefore, MUN is obliged to pay no later than December 29, 2023. However, MUN's capital increase plan will weaken the ownership of PT Nusantara Infrastructure Tbk (IDX: META) in MUN from 76.51 percent to 43.39 percent.
META management emphasized that there is no difference in economic interests between MPTIS and the company.
MPTIS' direct participation in MUN's capital increase plan with Warrington is done considering META's financial position and plans to increase investment exposure in the toll road sector.
As a result, META's remaining assets as of June 30, 2023 amounted to Rp 3.22 trillion, up from Rp 10.88 trillion previously.
Revenue also decreased by Rp 704.64 billion to Rp 146.52 billion as of June 30, 2023. However, META is expected to report a profit for the period of Rp 14.256 billion compared to a loss for the year ended June 30, 2023.
The plan will only take effect if approved by investors at the Extraordinary General Meeting of Shareholders (EGMS) on December 19, 2023.
Source: pasardana.id
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