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DISCLOSURE OF INFORMATION TO SHAREHOLDERS OF
PT BUKIT ULUWATU VILLA TBK. REGARDING
CAPITAL INCREASE PLAN WITHOUT PRE-EMPTIVE RIGHTS
(“PMTHMETD”)
The Disclosure of Information is prepared in order to comply with the provision of the Financial
Services Authority (“FSA”) Regulation No. 32/POJK.04/2015 on Capital Increase in Public
Companies with the Pre-Emptive Rights (“FSAR No. 32/2015”), as amended by FSA
Regulation No. 14/POJK.04/2019 on the Amendment to FSA Regulation No.
32/POJK.04/2015 on Capital Increase in Public Companies with the Pre-Emptive Rights
(“FSAR No. 14/2019”).
PT Bukit Uluwatu Villa Tbk
(the “Company”)
Main Business Activities:
Hospitality
Domiciled in Badung Regency, Bali Province
Office Address:
Sequis Center 9th floor, Jl. Jend. Sudirman No. 71, South Jakarta, 12190
Telephone: (021) 5256516, Faximile: (021)5256517, Email: info@buvagroup.com
IF YOU HAVE ANY DIFFICULTY UNDERSTANDING THE INFORMATION CONTAINED IN
THIS DISCLOSURE OF INFORMATION OR DOUBT IN MAKING A DECISION, YOU
SHOULD CONSULT WITH A SECURITIES BROKER, INVESTMENT MANAGER, LEGAL
ADVISOR, PUBLIC ACCOUNTANT, OR OTHER PROFESSIONAL ADVISOR.
THE BOARD OF COMMISSIONERS AND BOARD OF DIRECTORS OF THE COMPANY,
BOTH INDIVIDUALLY AND JOINTLY, ARE FULLY RESPONSIBLE FOR THE
COMPLETENESS AND CORRECTNESS OF ALL INFORMATION OR MATERIAL FACTS
CONTAINED IN THIS DISCLOSURE OF INFORMATION AND CONFIRM THAT THE
INFORMATION DISCLOSED IN THIS DISCLOSURE OF INFORMATION IS TRUE AND
THERE ARE NO MATERIAL FACTS THAT ARE NOT EXPRESS THAT COULD CAUSE
THE MATERIAL INFORMATION IN THIS DISCLOSURE OF INFORMATION BECOME
INCORRECT AND/OR MISLEADING.
THE PMTHMETD PLAN AS STATED IN THIS DISCLOSURE OF INFORMATION WILL BE
SUBJECT TO THE APPROVAL OF THE COMPANY'S GENERAL MEETING OF
INDEPENDENT SHAREHOLDERS.
THIS DISCLOSURE OF INFORMATION IS IMPORTANT FOR THE INDEPENDENT
SHAREHOLDERS TO CONSIDER MAKING DECISIONS AT THE COMPANY'S GENERAL
MEETING OF INDEPENDENT SHAREHOLDERS REGARDING PMTHMETD.
This Disclosure of Information is published in Jakarta, November 7,
2023.
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I. DEFINITIONS AND INTERPRETATIONS
IDX : Stock exchanges, as defined in Article 1 point 4 of Law
Number 8 of 1995 on the Capital Market as amended from
time to time, in this case administered by PT Bursa Efek
Indonesia, domiciled in Jakarta.
Securities Administration : PT EDI Indonesia as the securities administration bureau,
Bureau appointed by the Company to carry out the administration of
the Company's shares.
JCA : Abbreviation of PT Jagakarsa Country Arena.
MOLHR : Abbreviation for the Ministry of Law and Human Rights of
the Republic of Indonesia.
MLHR Abbreviation for Minister of Law and Human Rights of the
Republic of Indonesia.
FSA : Abbreviation of Financial Services Authority, an
independent institution as referred to in Law No. 21 of 2011
on the Financial Services Authority as amended by Law No.
4 of 2023 on the Development and Strengthening of the
Financial Sector, whose duties and authorities include
regulation and supervision of financial service activities in
the banking sector, capital market, insurance, pension
funds, financing institutions, and other financial institutions.
SPA : Shares Purchase Agreement dated January 5, 2019 made
by and between the Company and JCA.
Transfer Agreement : Transfer Agreement dated October 1, 2019 made by and
between (i) Mr. Tri Ramadi as transferee; (ii) JCA as
transferor; and (iii) the Company, where the parties has
agreed that JCA may transfer to Mr. Tri Ramadi and Mr. Tri
Ramadi will receive the transfer of all JCA’s rights and
obligations in the SPA .
–Settlement Agreement : Settlement Agreement No. 19/BUV/VII/2023 dated July 17,
2023, privately made by and between the Company and Mr.
Tri Ramadi.
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PMTHMETD : The Company's plan to convert the Obligation (as defined
below) into New Shares based on the convertion price
through the Capital Increase Without Pre-Emptive Rights,
with attention to FSAR No. 14/2019.
New Shares : Shares issued from the Company's portfolio in a maximum
amount of 1,205,726,667 (one billion two hundred five
million seven hundred twenty-six thousand six hundred
sixty-seven) shares with a nominal value of IDR50,- (fifty
Rupiah) per share, which shall be issued in respect of
PMTHMETD.
II. INTRODUCTION
This Disclosure of Information are made so that the Company’s independent shareholders
receive full information regarding PMTHMETD as stipulated in FSAR No. 14/2019 and in
accordance with prevailing laws and regulations, as well as the Company’s articles of
association. PMTHMETD must first obtain approval from independent shareholders who
attended the General Meeting of Independent Shareholders (“Independent GMS”) of the
Company, which shall be held on 14 December 2023.
The Company is currently in the process of obtaining approval from third-party creditors in
connection with the PMTHMETD execution plan.
III. PMTHMETD EXECUTION PLAN
The PMTHMETD plan may only be conducted by the Company if the approval from the
independent shareholders who attended Independent GMS and approval from IDX on listing
of addition shares are obtained, in accordance with prevailing regulations.
A. Information Regarding PMTHMETD
The Company plans to perform PMTHMETD in order to fulfill its commitment on the
Obligation (as defined below) based on the SPA which has been transferred to in
accordance with Transfer Agreement. In the execution of PMTHMETD, the Company
will issue New Shares to Mr. Tri Ramadi and as payment for these New Shares, Mr. Tri
Ramadi will utilise his receivables from the Company based on SPA jo. Transfer
Agreement. The execution of PMTHMETD is carried out in accordance with Article 10
FSAR No. 14/2019, where Mr. Tri Ramadi’s receivables have been included in the
Company’s Consolidated Financial Statement dated July 31, 2023, which have been
audited by the Public Accountant Office Tanubrata Sutanto Fahmi Bambang & Partners
(Member of BDO International Limited).
According to Article 3 letter b FSAR No. 14/2019, the PMTHMETD for purposes other
than improving financial position is carried out at a maxium of 10% of the number of
shares that have been issued and fully paid-up within a period of 2 (two) years from the
GMS for the PTMHMETD.
The Company will issue in a maximum amount of 1,205,726,667 (one billion two hundred
five million seven hundred twenty-six thousand six hundred sixty-seven) shares with a
nominal value of IDR50,- (fifty Rupiah) per share or equivalent to 5.86% (five point eight
six percent) of the Company’s issued and paid-up capital after PMTHMETD execution.
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All of the new shares issued in the PMTHMETD shall be listed on IDX with due
observance of the provisions of the prevailing laws and regulations.
B. Reasons and Purposes of PMTHMETD
The Company has signed a Settlement Agreement whereby the Company's obligation
to Mr. Tri Ramadi is settled by issuing New Shares of the Company through
PMTHMETD.
C. History of Debt to be Converted and Terms and Conditions of the Settlement
Agreement
Following is the history of the Company’s debt that shall be converted into the
Company’s New Shares regarding PMTHMETD:
The Company and JCA has signed the SPA, where the Company and JCA agreed that
the Company will render new shares to the JCA in the form of common shares with
nominal value IDR50.00 (fifty Rupiah) per shares (“Advance for Stock Subscription”)
which will be issued by the Company via the Capital Increase With Pre-Emptive Rights
(“PMHMETD”) if JCA has paid up in full amount at the date of paid-up date.
The Company has not performed the capital increase through PMHMETD yet, but the
JCA has paid up in the amount of IDR57,300,000,000.00 (fifty seven billion three
hundred million Rupiah) during the period from July 19, 2018 until December 31, 2018.
As of December 31, 2022, the Advance for Stock Subscription has been accounted in
the equity post as “Advance for Stock Subscription” in the financial statement.
According to the SPA, there is no specified timeframe that requires the Company to
execute JCA's capital investment in the Company.
On October 1, 2019, the Company, JCA, and Mr. Tri Ramadi signed a Transfer
Agreement in which JCA transferred all of its rights and obligations under the SPA to Mr.
Tri Ramadi. As a result, Mr. Tri Ramadi replaced JCA's position in the SPA.
Mr. Tri Ramadi then made additional monetary contributions to the Company in the
amount of IDR15,043,600,000.00 (fifteen billion forty-three million six hundred thousand
Rupiah) during the period from November 18, 2019, to December 31, 2020.
As a result, the total amount received by the Company was IDR72,343,600,000.00
(seventy-two billion three hundred forty-three million six hundred thousand Rupiah)
("Obligation").
The Company adjusted the Advance for Stock Subscription account in the name of Mr.
Tri Ramadi to the Share Subscription Advance account, which is presented as part of
the Short-Term Liabilities in the Company's consolidated financial position report as of
July 31, 2023.
In connection with those things above, The Company and Mr Tri Ramadi has agreed
to create and signed the Settlement Agreement whereby:
(i) the Company acknowledges indebtedness to Mr. Tri Ramadi in the amount of
IDR72,343,600,000.00 (seventy two billion three hundred and forty three million
six hundred thousand rupiah);
(ii) amending the provisions of the conversion procedure for the Obligation, originally
required be done through the PMHMETD procedure to PMTHMETD procedure;
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(iii) establishing terms and conditions for the conversion of the Obligation into New
Shares of the Company
Based on the Settlement Agreement, the parties agree to convert the Obligation into
common registered shares on the date of PMTHMETD execution, subject to the
following conditions:
(i) The Company shall convert the Obligation as defined in the Company’s
Consolitaded Financial Statement as of July 31, 2023 which have been audited by
the Public Accountant Office Tanubrata Sutanto Fahmi Bambang & Partners (
Member of BDO International Limited) into New Shares, through the PMTHMETD
subject to FSAR No. 14/2019 and other relevant laws and regulations regarding
PMTHMETD.
(ii) The Price of New Shares to be issued shall be determined based on the calculation
at least 90% (ninety percent) of the average closing price of the Company's shares
during a period of 25 (twenty five) consecutive trading days in the regular market
prior to the date of application for listing of additional shares result from the
PMTHMETD, in accordance with the provisions of IDX Regulation No. I-A,
Attachment to IDX Board of Directors Decree No. Kep. 00101/BEI/12-2021
concerning the Listing of Shares and Equity Securities Other Than Shares Issued
by Listed Companies ("IDX Regulation No. I-A"). For the purpose of settling the
Obligation, the maximum price of the New Shares is IDR60.00 (sixty Rupiah).
(iii) The Obligation will be considered settled when Mr. Tri Ramadi receive the New
Shares and the New Shares resulting from the conversion of the Obligation into
the Company’s shares are listed on the IDX.
D. Estimated Period of PMTHMETD Execution
The execution of PMTHMETD will be carried out after obtaining the approval of the
independent shareholders in the Independent GMS, which shall be held on December
14, 2023.
The Company's Shareholders eligible to attend or be represented in the GMS are the
shareholders whose names are registered in the Register of Shareholders on
November 21, 2023, by 4.00 p.m. Western Indonesian Time and/or the Company's
shareholder in the securities sub-account at PT Kustodian Sentral Efek Indonesia
(KSEI) at the close of trading in the Company's shares on IDX on November 21, 2023.
Below are the indicative and estimated timeline for the execution of the Company’s
Independent GMS in connection with the PMTHMETD process:
1. Notifications of the GMS agenda to FSA : October 31, 2023
2. Announcement regarding the plan of GMS and : November 7, 2023
Disclosure of Information regarding PMTHMETD
3. Date of List of Shareholders entitled to attend the : November 21, 2023
GMS (Recording Date)
4. Invitation of Independent GMS : November 22, 2023
5. Performance of Independent GMS : December 14, 2023
The agendas in relation to PMTHMETD that will be discussed at the Company's
Independent GMS are as follows:
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a. Approval of the plan to issue new shares through the execution of Capital Increases
Without Pre-emptive Rights (“PMTHMETD”) in connection with the conversion of
the Company's debt into shares to improve the financial position with reference to
the provisions stipulated in FSA Regulation No. 32/POJK.04/2015 on Capital
Increase with Pre-emptive Rights for Public Companies (“FSAR No. 32/2015”) as
amended withFSA Regulation No. 14/POJK.04/2019 on the Amendment of
Financial Services Authority Regulation No. 32/POJK.04/2015 on Capital Increase
with Pre-emptive Rights for Public Companies (“FSAR No. 14/2019”).
b. Approval of the plan to amend Article 4 paragraphs (2) of the Company's Articles of
Association in connection with the increase of the issued and paid-up capital of the
Company in the context of implementing PMTHMETD.
The attendance quorum for attending and the decision-making quorum on the GMS
agenda above are as follows:
a. The Independent GMS must be attended by shareholders representing at least ½
(one out of two) of the total number of shares with valid voting rights issued by the
independent shareholders and shareholders who are not affiliated parties with the
Company, members of the Board of Directors, members of the Board of
Commissioners, major shareholders of the Company, or controllers of the
Company.
b. The decision quorum is valid if it is approved based on the affirmative votes of more
than ½ (one-half) of the total shares with valid voting rights that issued by
Independent shareholders and shareholders who are not affiliated parties with the
Company, members of the Board of Directors, members of the Board of
Commissioners, major shareholders of the Company, or controllers of the
Company.
E. Plans to Use of PMTHMETD Funds
PMTHMETD is carried out for the purpose of converting the Obligation into the
Company’s New Shares and there are no cash payments involved in the execution of
PMTHMETD. Thus, the use of PMTHMETD serves as the settlement of the Obligation
to Mr. Tri Ramadi in accordance with the agreement in the Settlement Agreement.
F. PMTHMETD Exercise Price
According to the provisions of the IDX Regulation No. I-A and considering that the
Company is conducting PMTHMETD for purposes other than improving financial
position, the exercise price is determined based on calculation at least 90% (ninety
percent) of the average closing price of the Company's shares during a period of 25
(twenty five) consecutive trading days in the regular market prior to the date of application
for listing of additional shares result from the PMTHMETD. According to Settlement
Agreement, the patries agree that the maximum price of the New Shares is IDR60,00
(sixty rupiah)
The New Shares issued from the Company's portfolio through PMTHMETD will be listed
on IDX in accordance with the prevailing laws and regulations, including Regulation No.
I-A. The New Shares will have the same rights as the Company’s other shares already
listed on IDX prior to the PMTHMETD, including the right to receive dividends.
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IV. MANAGEMENT DISCUSSION AND ANALYSIS
The improved financial position of the Company following the restructuring of a significant portion
of the Company's debt, which was then converted into shares through PMTHMETD in July 2023,
is reflected in:
1. The Company's net working capital improved to a negative IDR1,120,329,232,039,- as of
July 31, 2023, from the previous negative IDR1,960,431,468,503,- as of December 31, 2022.
2. The Company's equity improved to a positive IDR656,091,787,255,- as of July 31, 2023, from
the previous negative IDR231,432,734,020,- as of December 31, 2022.
The recovery of the tourism industry since mid-2022 after the end of the Covid-19 pandemic has
had a positive impact on hotels, especially in Bali. The performance of the Company's hotels in
Bali has shown a significant improvement, which can be seen from the achievement figures for
the first 7 months of 2023 compared to the same period in 2022:
1. Revenue increased by 120.25% to IDR202,106,826,710,- from IDR91,762,027,192,-. The
occupancy rate in the hotels started to recover in the second half of 2022 compared to 2023,
which has been improving since the beginning of the year.
2. Gross profit increased by 134.46% to IDR142,611,619,870,- from IDR60,824,325,484,-. The
gross profit margin increased to 70.56% from 66.28%.
3. Operating losses decreased by 83.03% to negative IDR2,656,369,819,- from negative
IDR15,656,918,237,-. The Company has been able to maintain cost efficiency levels
achieved during the Covid-19 pandemic.
4. Current period losses decreased by 62.41% to negative IDR13,118,699,689,- from negative
IDR34,895,913,820,-.
The Company's management continues to make efforts to improve the Company's financial
performance, including through further restructuring, which involves:
1. Obtaining additional loans from PT Bank Mandiri (Persero) Tbk with better terms and
conditions to replace loans from other creditors, namely PT Nusantara Utama Investama.
This will result in financial cost efficiency and a longer loan repayment period.
2. Converting the third-party debt owed to Mr. Tri Ramadi into shares through the PMTHMETD
plan. This allows the funds that previously needed to be repaid to be used for investment in
other projects with the aim of improving the Company's profitability.
3. Evaluating subsidiary entities with unfinished projects, with alternative actions such as
divesting ownership or inviting new investors.
Comparison of the financial condition and financial ratios of the Company prior and after the
PMTHMETD with reference to the related accounts in the Company's Financial Statements isas
follows:
(in IDR million)
Asset Prior PMTHMETD After PMTHMETD
Income 202,106,826,710 202,106,826,710
Gross Profit 142,611,619,840 142,611,619,840
Loss from Operations (2,656,369,819) (2,656,369,819)
Loss Before Final Tax and Income Tax
Expense (13,117,983,088) (13,117,983,088)
Current Period Loss (13,118,699,689) (13,118,699,689)
Liability
Total Current Liability 1,189,505,737,143 1,117,162,137,143
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Total Non-Current Liability 96,571,238,339 96,571,238,339
Total Liability 1,286,076,975,482 1,213,733,375,482
Equity
Share Capital 969,237,327,300 1,029,523,660,600
Additional Paid in Capital 466,362,063,416 478,419,330,116
Retained Earnings (1,373,420,057,186) (1,373,420,057,186)
Other Equity Items 593,912,453,725 593,912,453,725
Total Equity 656,091,787,255 728,435,387,255
Total Liability and Equity 1,942,168,762,737 1,942,168,762,737
Net Working Capital (1,120,329,232,039) (1,047,985,632,039)
Current Ratio 0.0582 x 0.0619 x
Debt to Equity Ratio 196.02% 166.62%
Debt to Asset Ratio 66.22% 62.49%
V. IMPACT OF THE EXECUTION OF PMTHMETD TO THE SHAREHOLDERS
After the new issued and paid-up capital of the Company in the context of implementing
PMTHMETD becomes effective, the existing shareholders of the Company shall experience a
decrease in the percentage of their shareholding (dilution) in the amount of 5.86% (five point eight
six percent). However, the number of shares that owned by existing shareholders before and after
the issuance of New Shares of the Company has not changed.
VI. CAPITAL STRUCTURE PRIOR TO AND FOLLOWING PMTHMETD
A. Capital Structure Prior to PMTHMETD
Based on the Deed of Board Commissioner’s Written Resolution of “PT Bukit Uluwatu Villa
Tbk.” No. 12 dated August 3, 2023, drawn up before Yumna Shabrina, S.H., M.Kn., the
substitute Notary for Ashoya Ratam, S.H., M.Kn., a Notary in South Jakarta Administrative
City, which has been notified to the MOLHR based on the Acknowledgement of Amendment
of Articles of Association Acceptance Letter under No. AHU-AH.01.03-0103655 dated
August 4, 2023, and has been registered in the Company Register under No. AHU-
0154622.AH.01.11.Tahun 2023 dated August 4, 2023 (“Deed No. 12/2023”) juncto the
Register of Shareholders of PT Bukit Uluwatu Villa Tbk. as of November 3, 2023, issued by
the Company's Securities Administration Bureau, the Company's capital structure prior to
PMTHMETD is as follows:
Nominal Value of IDR50 per Share
Information Total Nominal Value Percentage
Total Shares
(IDR) (%)
Authorized Capital 75,000,000,000 3,750,000,000,000 -
Shareholders Name:
1. PT Nusantara Utama Investama 12,573,477,346 628,673,867,300 64.86
2. PT Asia Leisure Network 1,702,818,712 85,140,935,600 8.78
3. NV III Holdings Limited 885,770,600 44,288,530,000 4.57
4. PT Mitra Sawit Baru 1,893,285,900 94,664,295,000 9.77
5. Public 2,329,393,988 116,469,699,400 12.02
Issued and Paid-Up Capital 19,384,746,546 969,237,327,300 100.00
Shares in Portfolio 55,615,253,454 2,780,762,672,700 -
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B. Capital Structure Following PMTHMETD
The Company's capital structure following PMTHMETD is as follows:
Nominal Value of IDR50 per Share
Information Total Nominal Value Percentage
Total Shares
(IDR) (%)
Authorized Capital 75,000,000,000 3,750,000,000,000 -
Shareholders Name:
1. PT Nusantara Utama Investama 12,573,477,346 628,673,867,300 61.06
2. PT Mitra Sawit Baru 1,893,285,900 94,664,295,000 9.19
3. PT Asia Leisure Network 1,702,818,712 85,140,935,600 8.27
4. NV III Holdings Limited 885,770,600 44,288,530,000 4.30
5. Tri Ramadi 1,205,726,667 60,286,333,333 5.86
6. Public 2,329,393,988 116,469,699,400 11.31
Issued and Paid-Up Capital 20,590,473,213 1,029,523,660,633 100.00
Shares in Portfolio 54,409,526,787 2,720,476,339,367 -
VII. INFORMATION ON THE PROSPECTIVE NEW SHAREHOLDER
A. Brief Information
The following is a brief biography of the prospective new shareholder:
Tri Ramadi, an Indonesian citizen, 52 years old, born in Pontianak on November 23,
1971.
B. Address
Taman Surya Block OO-2/6, RT/RW 007/017, Pegadungan Sub-district, Kalideres
District, West Jakarta City, DKI Jakarta Province.
C. Information Regarding Affiliation
The Prospective New Shareholder is not affiliated with the Company.
VIII. COMPANY INFORMATION
A. Brief History of the Company
The Company is a limited liability company established under the laws of the Republic of
Indonesia and domiciled in Badung Regency. The Company was established under the
name "PT Bukit Uluwatu Villa" as stated in the Deed of Limited Liability Company “PT
Bukit Uluwatu Villa” No. 53 dated December 15, 2000, drawn up before Sugito Tedjamulja,
S.H., Notary in Jakarta, which has been approved by the MLHR by virtue ofits decree No.
C-27344HT.01.01.TH.2003 on November 14, 2003, and has beenregistered in Company
Register under No. TDP 220815503898 and has been announced in the Supplement State
Gazette No. 7433, State Gazette of the Republic ofIndonesia No. 44 on May 30, 2008.
In 2010, the Company made an initial public offering of shares and changed its status to
"PT Bukit Uluwatu Villa Tbk." as stated in the Deed of Statement of Shareholders'
Resolution of PT. Bukit Uluwatu Villa No.182 dated February 25, 2010, drawn up before
Aulia Taufani, S.H., Notary in the City of South Jakarta and has received MLHR approvalin
accordance with its Decree No.AHU-1605.AH.01.02 of 2010 and has been registeredin
the Register of Companies under No.AHU-0017145.AH.01.09 of 2010 on March 5, 2010
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and has been received and recorded in the Sistem Administrasi Badan Hukum (“SABH”)
database under No. AHU- AH.01.10-06359 on March 15, 2010 and has been registered
in the Company Register under No.AHU-0019783.AH.01.09 of 2010 dated March 15,
2010.
The Company's Articles of Association have been amended several times, most recently
by Deed No. 12/2023.
B. Purpose and Objectives and Business Activities of the Company
Based on Article 3 of the Company's articles of association as stated in Deed of Resolution
of the Annual General Meeting of Shareholders No. 64 dated June 28, 2023, made before
Ashoya Ratam, S.H., M.Kn., Notary in South Jakarta Administrative City, which has
obtained the approval from the MLHR in accordance with its decree No. AHU-
0037368.AH.01 of 2023 on July 3, 2023 and has been notified to the MLHR based on the
Acknowledgement of Amendment of Articles of Association Acceptance Letter No. AHU-
AH.01.03-0086077 dated July 3, 2023, both of which have been registered in the Register
of Companies at the MLHR under No. AHU-0123413.AH.01.11. of 2023 on July 3, 2023,
the purpose and objective of the Company is to engage in business in the field of
accommodation and real estate provision.
To achieve the purposes and objectives above, the Company may engage the main
business activities as follows:
- A Star Hotel;
This includes providing accommodation services that meet the criteria for star hotels,
as well as other services to the general public, using some or all of the buildings.
- Other Accommodations Services;
This encompasses providing accommodation services for a non-extended period of
time. It includes offering accommodations for longer or shorter durations, including
single or shared rooms, as well as dormitories for students, seasonal workers, and
similar purposes. This accommodation service extends to student housing, school
dormitories, worker dormitories, and boarding houses, with or without meals.
- Owned or rented real estate.
This involves the purchase, sale, leasing, and operation of real estate, whether
owned or leased, including apartment buildings, residential buildings, and non-
residential buildings (such as warehouses, malls, shopping centers, and others). It
also includes providing houses and flats or apartments, with or without furnishings,
for permanent use on a monthly or yearly basis. This encompasses land sales,
developing buildings for self-operation (for renting out spaces within the building),
land subdivision without land development, and operating residential areas for mobile
homes.
To support its main business activities, the Company may engage in auxiliary business
activities related to the rental of venues for MICE (Meetings, Incentives, Conferences, and
Exhibitions) and special events. This includes renting out locations and facilities for the
organization of meetings, incentive travel, conventions, exhibitions, or special events.
Rentals are made for specific periods, including preparation, event execution, and
dismantling. The venues in question encompass convention centers, exhibition centers,
and special-purpose/multi-purpose venues.
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C. Composition of the Company's Board of Commissioners and Directors
The composition of the Company's Board of Commissioners and Board of Directors as
stated in the Deed of Resolution Statement of the Annual General Meeting of
Shareholders of PT Bukit Uluwatu Villa Tbk. No. 63 dated June 28, 2023, drawn up before
Ashoya Ratam, S.H., M.Kn., Notary in the Administrative City of South Jakarta, which has
been notified to the MLHR on the Acknowledgment of Change of Company Data
Acceptance Letter No. AHU-AH.01.09-0135944 on July 7, 2023, and has been registered
in the Company Register under No. 0127814.AH.01.11.Year 2023 on July 7, 2023, is as
follows:
Board of Commissioners
President Commissioner : Astini Bernawati Oudang
Independent Commissioner : Seong Hoon Park
Commissioner : Cindy Budijono
Directors
President Director : Satrio
Director : Hendry Utomo
IX. STATEMENT OF THE COMPANY'S BOARD OF DIRECTORS AND BOARD OF
COMMISSIONERS
This Disclosure of Information has been approved by the Board of Commissioners and
Directors of the Company, and therefore the Board of Commissioners and Directors of the
Company, both individually and jointly, are fully responsible for the accuracy and completeness
of all information or material facts contained in this Disclosure of Information, as well as the
fairness and correctness of the opinions expressed in this Disclosure of Information. After
conducting a reasonable assessment, the Board of Commissioners and the Board of Directors
of the Company, confirm that there are no important and relevant facts that have not been
disclosed that could cause the information or material facts in this Disclosure of Information to
be incorrect and/or misleading.
X. CLOSING
To obtain information regarding PMTHMETD plans, the Company's independent shareholders
may submit their requests to the Company's Corporate Secretary, during normal business
hours at the following address:
Corporate Secretary
PT Bukit Uluwatu Villa Tbk.
Sequis Center 9th floor, Jl. Jend. Sudirman No. 71, South Jakarta, 12190
Website : www.buvagroup.com
Email : info@buvagroup.com
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