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AMENDMENTS AND/OR ADDITIONAL INFORMATION TO THE INFORMATION
DISCLOSURE TO THE SHAREHOLDERS OF PT BAKRIE & BROTHERS TBK (THE
“COMPANY”) IN CONNECTION WITH THE PLAN TO INCREASE CAPITAL WITHOUT
PRE-EMPTIVE RIGHTS (“PMTHMETD”)
THE INFORMATION CONTAINED IN THIS AMENDMENTS AND/OR ADDITIONAL INFORMATION TO THE INFORMATION
DISCLOSURE IS IMPORTANT TO BE CONSIDERED BY THE SHAREHOLDERS TO MAKE DECISIONS REGARDING THE
PROPOSED PMTHMETD IN COMPLIANCE TO FINANCIAL SERVICES AUTHORITY (OTORITAS JASA KEUANGAN/“OJK”)
REGULATION NO. 32/POJK.04/2015 REGARDING CAPITAL INCREASE OF PUBLIC COMPANIES WITH PRE-EMPTIVE
RIGHTS AS AMENDED BY THE OJK REGULATION NO. 14/POJK.04/2019 ON THE AMENDMENT OF OJK REGULATION
NO. 32/POJK.04/2015 REGARDING CAPITAL INCREASE OF PUBLIC COMPANIES WITH PRE-EMPTIVE RIGHTS (“POJK
32/2015”).
IF YOU HAVE ANY DIFFICULTY IN UNDERSTANDING THE INFORMATION CONTAINED IN THIS AMENDMENTS AND/OR
ADDITIONAL INFORMATION TO THE INFORMATION DISCLOSURE OR ARE IN DOUBT ABOUT MAKING DECISIONS,
YOU SHOULD CONSULT WITH A SECURITIES BROKER, INVESTMENT MANAGER, LEGAL ADVISOR, PUBLIC
ACCOUNTANT, OR OTHER PROFESSIONAL ADVISOR.
PT BAKRIE & BROTHERS Tbk
Domiciled in Jakarta, Indonesia
Business Activities:
Holding company activities, other management consulting activities, and business consulting and business
brokerage activities. Consulting, services, industry, construction, manufacturing and infrastructure, as well as
trade, both directly and indirectly through the Company’s subsidiaries.
Head Office:
Bakrie Tower, 35th – 37th Floor
Rasuna Epicentrum Complex
Jl. H. R. Rasuna Said
South Jakarta 12940
Telephone: +62-21-2991-2222
Website: www.bakrie-brothers.com
Email: ir@bakrie.co.id
In accordance with the provisions in POJK 32/2015, the Company plans to convert part of its debt to creditors by
issuing new shares through the PMTHMETD mechanism. The amount of new shares to be issued is
13,359,375,000 (thirteen billion three hundred fifty nine million three hundred seventy five thousand) Series E
ordinary shares with a nominal value of IDR12 (twelve Rupiah) per share or 7.70% (seven point seven zero percent)
of the Company’s issued and paid-up capital after the PMTHMETD (“Proposed PMTHMETD”). With the
implementation of the Proposed PMTHMETD, the Company's existing shareholders will experience a decrease in
their shareholding percentage (dilution) by 7.70% (seven point seven zero percent). In relation to the Proposed
PMTHMETD, the Company intends to seek shareholder’s approval through the Company’s EGMS which will be
held on Thursday, 28 November 2024.
THE BOARD OF DIRECTORS AND THE BOARD OF COMMISSIONERS OF THE COMPANY, BOTH INDIVIDUALLY AND
COLLECTIVELY, ARE FULLY RESPONSIBLE FOR THE COMPLETENESS AND ACCURACY OF ALL INFORMATION OR
MATERIAL FACTS CONTAINED IN THIS AMENDMENTS AND/OR ADDITIONAL INFORMATION TO THE INFORMATION
DISCLOSURE AND HEREBY CONFIRM THAT THE INFORMATION PRESENTED IN THIS AMENDMENTS AND/OR
ADDITIONAL INFORMATION TO THE INFORMATION DISCLOSURE IS TRUE AND THAT NO MATERIAL FACTS HAVE
BEEN OMITTED WHICH WOULD CAUSE THE MATERIAL INFORMATION IN THIS AMENDMENTS AND/OR ADDITIONAL
INFORMATION TO THE INFORMATION DISCLOSURE UNTRUE AND/OR MISLEADING.
THE IMPLEMENTATION OF THE PROPOSED PMTHMETD, AS OUTLINED IN THIS AMENDMENTS AND/OR ADDITIONAL
INFORMATION TO THE INFORMATION DISCLOSURE, IS SUBJECT TO THE APPROVAL OF THE COMPANY’S
EXTRAORDINARY GENERAL MEETING OF SHAREHOLDERS.
THIS AMENDMENTS AND/OR ADDITIONAL INFORMATION TO THE INFORMATION DISCLOSURE IS ANNOUNCED ON
THE IDX WEBSITE (WWW.IDX.CO.ID) AND THE COMPANY’S WEBSITE (HTTPS://BAKRIE-BROTHERS.COM).
This Amendments and/or Additional Information to the Information Disclosure is published on 25 November 2024
and forms an inseparable part of the Information Disclosure initially published on 22 October 2024.
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DEFINITION AND ABBREVIATIONS
The terms used in this Amendments and/or Additional Information to Information Disclosure have the
following meanings:
Affiliation : 1. Family relationships by marriage descent to the second
degree, both horizontally and vertically, meaning the
relationship of a person with:
a. husband or wife;
b. parents of the husband or wife and the husband or wife
of a child;
c. grandparents of the husband or wife and the husband
or wife of a grandchild;
d. relative of the husband or wife and husband or wife of
the respective relative; or
e. husband or wife from relative of the person concerned;
2. Family relationships by descent up to the second degree,
both horizontally and vertically, meaning the relationship of
a person with:
a. parents and children;
b. grandparents and grandchildren; or
c. relative of the person concerned;
3. The relationship between a party and employees,
directors, or commissioners of that party;
4. The relationship between 2 (two) or more companies
where there are 1 (one) or more members of the Board of
Directors, management, Board of Commissioners, or
supervisors in common;
5. The relationship between a company and a party, either
directly or indirectly, in any way, of controlling or being
controlled by the company or that party in determining the
management and/or policies of the company or that party;
6. The relationship between 2 (two) or more companies that
are controlled, either directly or indirectly, in determining
the management and/or policies of the company by the
same party; or
7. The relationship between a company and its main
shareholders, which is a party that directly or indirectly own
at least 20% (twenty percent) of the voting shares of the
company,
as defined in the P2SK Law.
BAE : Means the abbreviation for Biro Administrasi Efek (the
Securities Administration Bureau), a party that based on a
contract with the Company and/or the issuer of securities,
carries out the recording of securities ownership and the
distribution of rights related to the securities, in this case, PT
EDI Indonesia, domiciled in Central Jakarta.
Board of Commissioners : Means the part of the Company that is responsible for general
and/or specific supervision in accordance with the Company’s
Articles of Association and provides advice to the Board of
Directors.
Board of Directors : Means the part of the Company that has the authority and full
responsibility for managing the Company in the interest of the
Company, in accordance with the Company’s objectives, and
represents the Company both in and out of court in accordance
with the provisions of the Company’s Articles of Association.
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Company : Means PT Bakrie & Brothers Tbk, a limited liability company
established under the laws of the Republic of Indonesia,
domiciled in South Jakarta.
EGMS : Means the Extraordinary General Meeting of Shareholders
held in accordance with the provisions of the Company’s
Articles of Association.
Eurofa : Means Eurofa Capital Investment Inc.
Eurofa Settlement Agreement : Means the Settlement Agreement dated 10 June 2024
between the Company and Eurofa.
GGL : Means Golden Glades Limited.
GGL Settlement Agreement : Means the Settlement Agreement dated 30 September 2022
between the Company with GGL and SMIL.
GMS : Means the General Meeting of Shareholders held in
accordance with the provisions of the Company’s Articles of
Association.
IDX : Means the abbreviation of the Indonesia Stock Exchange as
defined in Article 1 Point 4 of the UUPM, in this case operated
by PT Bursa Efek Indonesia, domiciled in South Jakarta, where
the Company's shares are listed.
IDX Regulation No. I-A : Means the Regulation of the IDX No. I-A regarding the Listing
of Shares and Equity Securities Other Than Shares Issued by
Listed Companies as stated in the Decision of the Board of
Directors of PT Bursa Efek Indonesia No. KEP-00101/BEI/12-
2021 dated 21 December 2021.
Information Disclosure : Means the Information Disclosure dated 22 October 2024,
which includes information related to the Proposed
PMTHMETD, prepared in compliance with POJK 32/2015, as
amended by this Amendments and/or Additional Information to
the Information Disclosure.
KSEI : Means the abbreviation for the PT Kustodian Sentral Efek
Indonesia, which is responsible for administering the custody
of securities based on the Securities Registration Agreement
in Collective Custody.
MLHR : Means the abbreviation for the Minister of Law and Human
Rights of the Republic of Indonesia (formerly known as the
Minister of Justice of the Republic of Indonesia, the Minister of
Law and Legislation of the Republic of Indonesia, or the
Minister of Justice and Human Rights of the Republic of
Indonesia).
MOLHR : Means the abbreviation for the Ministry of Law and Human
Rights of the Republic of Indonesia.
OJK : Means the Financial Services Authority, an independent
agency as referred to in Law No. 21 of 2011 on the Financial
Services Authority as amended by the P2SK Law ("OJK Law"),
which has the duties and authorities that include the regulation
and supervision of financial services activities in the banking
sector, capital markets, insurance, pension funds, financing
institutions, and other financial institutions. Since 31 December
2012, the Financial Services Authority has taken over the rights
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and responsibilities to conduct regulatory and supervisory
functions previously held by the Minister of Finance and the
Capital Market and Financial Institution Supervisory Agency,
as stipulated in Article 55 paragraph (1) of the OJK Law.
P2SK Law : Means Law No. 4 of 2023 regarding the Development and
Strengthening of the Financial Sector.
PMTHMETD : Means Capital Increase Without Pre-Emptive Rights, by
issuing New Shares as referred to in the OJK Regulation No.
14/POJK.04/2019 on the Amendment of OJK Regulation No.
32/POJK.04/2015 regarding Capital Increase of Public
Companies with Pre-Emptive Rights.
POJK 9/2018 : Means OJK Regulation No. 9/POJK.04/2018 concerning
Takeover of Public Companies.
POJK 15/2020 : Means OJK Regulation No. 15/POJK.04/2020 which is
effective as of 20 April 2020, concerning the Plan and Conduct
of the General Meeting of Shareholders of Public Companies.
POJK 32/2015 : Means OJK Regulation No. 32/POJK.04/2015 regarding
Capital Increase of Public Companies with Pre-Emptive Rights
as amended by the OJK Regulation No. 14/POJK.04/2019 on
the Amendment of OJK Regulation No. 32/POJK.04/2015
regarding Capital Increase of Public Companies with Pre-
Emptive Rights.
Public : Means individuals and/or legal entities, whether Indonesian
citizens or foreign citizens and/or Indonesian legal entities or
foreign legal entities, whether residing or legally based in
Indonesia or residing or legally based outside of Indonesia.
Rupiah or IDR : Means Rupiah, the lawful currency of and in effect in the
Republic of Indonesia.
Settlement Agreement : Means the Eurofa Settlement Agreement and SMIL Settlement
Agreement
Shareholders’ Register : Means the list issued by KSEI that contains information about
the ownership of securities by securities holders in Collective
Custody at KSEI, based on data provided by the account
holders at KSEI.
SMIL : Means Silvery Moon Investment Ltd.
SMIL Settlement Agreement : Means the Settlement Agreement dated 30 September 2024
between the Company and SMIL.
State Gazette : Means the State Gazette of the Republic of Indonesia.
Stock Exchange Day : Means the day on which the IDX conducts stock exchange
activities in accordance with applicable laws and regulations of
the IDX.
United States Dollar or USD : Means the currency of the United States, namely the United
States Dollar.
UUPM : Means Law No. 8 of 1995 concerning the Capital Market as
partially amended by the P2SK Law.
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INTRODUCTION
This Information Disclosure is provided to ensure that the Company’s shareholders receive complete
information regarding the Proposed PMTHMETD.
The Company intends to convert a portion of its debt to Eurofa and SMIL, both acting as creditors of
the Company (hereinafter collectively referred to as the “Creditors”), amounting to
IDR855,000,000,000 (eight hundred fifty five billion Rupiah) into new shares totaling 13,359,375,000
(thirteen billion three hundred fifty nine million three hundred seventy five thousand) Series E ordinary
shares representing 7.70% (seven point seven percent) of the Company’s issued and fully paid-up
capital after the PMTHMETD (“New Shares”). Through the debt conversion transaction into New
Shares through the PMTHMETD mechanism, the Company expects that this step will improve its
financial distress, resulting in a healthier debt ratio, reduced financial burden, and stronger cash flow in
the future.
Based on Article 3 letter (a) of POJK 32/2015, the Company is exempt from the obligation to provide
Pre-Emptive Rights (HMETD) in the issuance of shares and/or other equity securities if the Company
conducts a capital increase through the issuance of shares and/or other equity securities in the context
of a financial distress. Furthermore, according to Article 8B letter (c) of POJK 32/2015, the Company
may conduct PMTHMETD to improve its financial position if it is unable to meet its financial obligations
upon maturity to non-affiliated lenders, provided that the non-affiliated lenders agree to accept shares
of the Company in settlement of the loans.
Referring to the provisions above, based on the Settlement Agreement, the debts to be converted by
the Company are debts that the Company cannot repay upon maturity, whilst the Company and the
Creditors have agreed that the Company's debts to the Creditors will be converted into New Shares of
the Company.
The Proposed PMTHMETD has a value exceeding 20% (twenty percent) of the Company’s equity.
However, in accordance with Article 33 letter c of OJK Regulation No. 17/POJK.04/2020 on Material
Transactions and Changes in Business Activities, in the event of a capital increase, the Company is
only required to comply with POJK 32/2015. Therefore, the Proposed PMTHMETD does not constitute
a material transaction.
In accordance with the provisions of Article 8A paragraph (1) of POJK 32/2015, in conducting
PMTHMETD, the Company is required to obtain approval from the GMS in advance, and the Company
intends to seek shareholders’ approval in EGMS to be held on Thursday, 28 November 2024.
Additionally, in accordance with the provisions of Article 15 paragraph (1a) of POJK 32/2015, the
Company is also required to announce information regarding the Proposed PMTHMETD in conjunction
with the EGMS announcement.
As of the date of issuance of this Information Disclosure, there are no other outstanding capital
increases either under or outside of a share ownership program.
As of the date of this Information Disclosure, the Company is not involved in any litigation or other
disputes outside of court that could materially and negatively affect its business continuity and the
Proposed PMTHMETD.
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PMTHMETD IMPLEMENTATION PLAN
The following is the information regarding the Proposed PMTHMETD that will be conducted by the
Company:
1. Reasons and Objectives of the Proposed PMTHMETD
Based on the Company’s consolidated financial statements as of 31 December 2023, audited by
Y. Santosa & Partners Public Accounting Firm, an independent auditor, according to auditing
standards established by the Indonesian Institute of Public Accountants (IAPI), as documented in
the Independent Auditor’s Report No. 00007/2.0902/AU.1/10/1792-2/1/III/2024 dated 13 March
2024, and signed by Julinar Natalina Rajagukguk (Public Accountant License No. AP. 1792) (STTD
Number: STTD.AP-24/PM.223/2022 dated 15 August 2022), with an unmodified opinion, the
liabilities items in the Company’s Financial Statements that meet the conditions for PMTHMETD
in accordance with Article 8B letter (c) of POJK 32/2015 are as follows:
a. Long-term loans to the creditor Eurofa amounting to USD50,000,000 (fifty million United States
Dollars) or equivalent to IDR770,800,000,000 (seven hundred seventy billion eight hundred
million Rupiah); and
b. Short-term loans - Third parties to the creditor SMIL with an outstanding amount of
IDR465,117,037,007 (four hundred sixty-five billion one hundred seventeen million thirty seven
thousand seven Rupiah).
The Creditors have agreed, based on the Settlement Agreement, to settle the Company’s
obligations by accepting New Shares at a conversion price of IDR64 (sixty four Rupiah) per share
in the Proposed PMTHMETD, with the total number of shares equivalent to the value of the loan
in Rupiah divided by the exercise or conversion price in the Proposed PMTHMETD.
The Proposed PMTHMETD that being implemented by the Company is in the context of financial
distress, therefore, the determination of the exercise price is conducted in accordance with the
provisions in Point V.1.3. in Appendix II of IDX Regulation No. I-A, where the determination of the
exercise price is based on mutual agreement of the parties, carried out fairly (arm’s length
transaction), does not violate applicable laws, and is executed without disadvantaging non-
controlling shareholders and minority shareholders. It also adheres to Points V.1.4 and V.1.5 of
Appendix II to IDX Regulation No. I-A.
Several benefits that the Company will gain from this PMTHMETD include:
a. The settlement of the Company's obligations will strengthen the capital structure, leading to a
decrease in the debt-to-equity ratio by 5.66% (five point six six percent), from 1.06x to 1.00x.
b. Decreased financial burden will enhance the Company’s profitability.
c. The reduction in the debt-to-equity ratio will increase the Company’s flexibility in seeking new
funding necessary for future business development.
2. History of Debt to be Converted into Shares
a. Company’s Debt to Eurofa
On 16 December 2010, the Company signed a Subscription Agreement concerning the
issuance of Equity Linked Notes (“Notes”) with the amount of USD109,000,000 (one hundred
nine million United States Dollars) to Eurofa, which matured on 16 December 2015.
The funds received by the Company from Eurofa, amounting to USD50,000,000 (fifty million
United States dollars) or equivalent to IDR770,800,000,000 (seven hundred seventy billion
eight hundred million Rupiah), constitute a portion of the Company’s long-term loan from Eurofa
based on the issuance of Notes which have been fully utilized by the Company for refinancing
purposes to settle the Company’s obligations to Ascention Ltd. under the Loan Agreement
dated 5 February 2010, between the Company and Ascention Ltd.
The Company has paid Eurofa an upfront fee of USD6,400,000 (six million four hundred
thousand United States Dollars). According to this agreement, Eurofa has the right to convert
the principal amount of the loan into ordinary shares of the Company after the occurrence of
the following events:
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i. the Company fails to make full payment on the Notes by the due date for repayment;
ii. the Notes are not paid on the due date; and
iii. a breach of covenant occurs and continues.
Eurofa has subsequently transferred part of the Notes to Ecoline Investment Limited in the
amount of USD6,000,000 (six million United States Dollars) on 25 June 2014, and to GGL in
the amount of USD53,000,000 (fifty three million United States Dollars) on 22 August 2022,
which Eurofa has notified the Company regarding the transfer of the Notes to Ecoline on 25
June 2014, and the transfer of the Notes to GGL on 22 August 2022, as stipulated in Article
613 of the Indonesian Civil Code. As a result, the remaining Notes owned by Eurofa are
USD50,000,000 (fifty million United States Dollars) or IDR750,000,000,000 (seven hundred fifty
billion Rupiah), based on an exchange rate of USD1/IDR15,000 (one United States Dollar per
fifteen thousand Rupiah).
To settle the debt arising from the remaining Notes held by Eurofa, the Company and Eurofa
have signed the Eurofa Settlement Agreement, stipulating that the Company’s debt of
USD50,000,000 (fifty million United States Dollars) will be settled by converting the debt into
11,718,750,000 (eleven billion seven hundred eighteen million seven hundred fifty thousand)
Series E ordinary shares or amounting IDR750,000,000,000 (seven hundred fifty billion Rupiah)
or equivalent to USD50,000,000 (fifty million United States Dollar) (based on an exchange rate
of USD1/IDR15,000 (one United States Dollar per fifteen thousand Rupiah)) to Eurofa through
the PMTHMETD mechanism under POJK 32/2015.
If the Proposed PMTHMETD is approved by the Company’s shareholders at the EGMS and
after the Company implements the Proposed PMTHMETD, the Company’s debt to Eurofa will
be converted into fully issued and paid-up capital and fully settling all of the Company’s debt to
Eurofa.
b. Company’s Debt to SMIL
The initial debt owed by the Company to GGL was USD53,000,000 (fifty three million United
States Dollars). On 30 September 2022, the Company, GGL, and SMIL signed a GGL
Settlement Agreement, wherein the Company and GGL agreed to settle the Company’s
obligation to GGL in the amount of USD53,000,000 (fifty three million United States Dollars)
with the following terms: (i) a payment to GGL of USD 22,494,521.09 (twenty two million four
hundred ninety four thousand five hundred twenty-one U.S. dollars and nine cents). The
Company made this payment in 2022; and (ii) GGL transferred the remaining balance of USD
30,505,478.91 (thirty million five hundred five thousand four hundred seventy eight United
States Dollars and ninety one cents), equivalent to IDR465,117,037,007 (four hundred sixty five
billion one hundred seventeen million thirty-seven thousand seven rupiah), based on an
exchange rate of USD1/IDR15,247 (one United States Dollar per fifteen thousand two hundred
forty-seven Rupiah) to SMIL. Following this transfer, the Company and SMIL signed an
Acknowledgement of Debt Agreement (“SMIL Acknowledgement of Debt Agreement”) on 30
September 2022, wherein the Company has an obligation to SMIL of USD 30,505,478.91 (thirty
million five hundred five thousand four hundred seventy eight United States Dollars and ninety
one cents), equivalent to IDR465,117,037,007 (four hundred sixty five billion one hundred
seventeen million thirty-seven thousand seven rupiah) based on the exchange rate of
USD1/IDR 15,247 (one United States Dollar per fifteen thousand two hundred forty seven
Rupiah), with a maturity date of 30 September 2023.
The funds amounting to IDR465,117,037,007 (four hundred sixty five billion one hundred
seventeen million thirty seven thousand seven Rupiah) represent a portion of the Company’s
short-term loan from SMIL, which the Company has used for refinancing purposes to settle its
outstanding obligations to GGL under the GGL Settlement Agreement.
On 29 September 2023, the Company and SMIL signed an amendment of Acknowledgement
of Debt Agreement regarding the SMIL Acknowledgement of Debt, whereby the Company’s
debt to SMIL became denominated in Rupiah amounting to IDR465,117,037,007 (four hundred
sixty five billion one hundred seventeen million thirty seven thousand seven Rupiah), and the
repayment of this loan will be completed no later than 30 September 2024. The Company has
settled part of its debt to SMIL amounting to IDR360,109,198,318 (three hundred sixty billion
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one hundred nine million one hundred ninety eight thousand three hundred eighteen Rupiah)
up to 30 September 2024, leaving the Company’s remaining debt to SMIL at
IDR105,007,838,689 (one hundred five billion seven million eight hundred thirty eight thousand
six hundred eighty nine Rupiah).
On 30 September 2024, the Company and SMIL signed the SMIL Settlement Agreement,
stipulating that the Company’s outstanding debt of IDR105,007,838,689 (one hundred five
billion seven million eight hundred thirty-eight thousand six hundred eighty nine Rupiah) will be
settled through a non-cash method by converting the debt into 1,640,625,000 (one billion six
hundred forty million six hundred twenty five thousand) Series E shares, equivalent to
IDR105,000,000,000 (one hundred five billion Rupiah) to SMIL through PMTHMETD
mechanism as regulated in POJK 32/2015.
If the Proposed PMTHMETD is approved by the Company’s shareholders at the EGMS and
after the Company implements the Proposed PMTHMETD, the Company’s debt to SMIL will be
converted into fully issued and paid-up capital and fully settling all of the Company’s debt to
SMIL.
3. Proposed PMTHMETD Exercise Price
The exercise price for the New Shares to be issued in the Proposed PMTHMETD is set at IDR64
(sixty four Rupiah) per share.
The Proposed PMTHMETD that being implemented by the Company is in the context of financial
distress, therefore, the determination of the exercise price is conducted in accordance with the
provisions in Point V.1.3. in Appendix II of IDX Regulation No. I-A, where the determination of the
exercise price is based on mutual agreement of the parties, carried out fairly (arm’s length
transaction), does not violate applicable laws, and is executed without disadvantaging non-
controlling shareholders and minority shareholders. It also adheres to Points V.1.4 and V.1.5 of
Appendix II to IDX Regulation No. I-A.
4. Value of the Proposed PMTHMETD
The total value of this Proposed PMTHMETD is IDR855,000,000,000 (eight hundred fifty five billion
Rupiah), consisting of (i) Long-term Loans to Eurofa amounting to USD50,000,000 (fifty million
United States Dollars) or equivalent to IDR750,000,000,000 (seven hundred fifty billion Rupiah),
based on an exchange rate of USD1/IDR15,000 (one United States Dollar per fifteen thousand
Rupiah), and (ii) Short-term loans - Third parties to SMIL amounting to IDR105,000,000,000 (one
hundred five billion Rupiah).
5. Implementation Period of the Proposed PMTHMETD
The implementation of the Proposed PMTHMETD will take place after obtaining approval from
shareholders in the EGMS to be held on Thursday, 28 November 2024. The Company will execute
the Proposed PMTHMETD in accordance with the provisions of the Company's Articles of
Association and applicable laws and regulations, including POJK 32/2015 and IDX Regulation No.
I-A.
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6. Use of Proceeds Plan from PMTHMETD
There will be no use of proceeds in this PMTHMETD because the proceeds recorded as the result
of this PMTHMETD are the results from the Company's debt conversion to the Creditors, which is
a settlement of the Company’s debt to the Creditors.
7. Management Discussion and Analysis
Using the Company’s consolidated financial statements for the six-month period ended on 30 June
2024, the proforma impact of the PMTHMETD implementation on the Company’s financial
condition and key financial ratios is as follows:
(in million of Rupiah)
Description Before PMTHMETD Adjustments After PMTHMETD
Assets
Total Current Assets 4,048,448 - 4,048,448
Total Non-Current Assets 3,222,730 - 3,222,730
Total Assets 7,271,178 - 7,271,178
Liabilities
Total Current Liabilities 3,962,435 (855,000) 3,107,435
Total Non-Current Liabilities 521,208 - 521,208
Total Liabilities 4,483,643 (855,000) 3,628,643
Equity
Issued and fully paid capital 23,675,988 855,000 24,530,988
Additional paid-up capital (2,504,322) - (2,504,322)
Other Capital Reserves 528,973 - 528,973
Deficit (19,392,454) - (19,392,454)
Non-controlling interest 479,350 - 479,350
Total Equity 2,787,535 855,000 3,642,535
Total Liabilities and Equity 7,271,178 - 7,271,178
Financial Ratios
Before PMTHMETD After PMTHMETD
As of 30 June 2024
Total Current Asset/Total Current liabilities (%) 102.17% 130.28%
Net Comprehensive Income/Total Assets 0.02x 0.02x
Net Comprehensive Income/Equity 0.05x 0.04x
Total Liabilities/Equity 1.61x 1.00x
Total Liabilities/Total Asset 0.62x 0.50x
Following the Proposed PMTHMETD, the Company’s total liabilities will decrease by IDR855,000
million. Based on the Company’s consolidated financial statements for the six-month period ended
on 30 June 2024, total liabilities before the Proposed PMTHMETD are IDR4,483,643 million, which
will decrease to IDR3,628,643 million after the Proposed PMTHMETD.
Additionally, the issuance of New Shares will result in an increase in equity due to the increase in
issued and fully paid-up capital. After the implementation of the Proposed PMTHMETD, the equity
on the Company’s consolidated financial statements for the six-month period ended on 30 June
2024, which is IDR2,787,535 million, will increase by IDR855,000 million to IDR3,642,535 million.
With this increase in equity, the Company’s total current asset to total current liabilities ratio will
increase from 102.17% to 130.28%. Debt-to-equity ratio will decrease from 1.61x to 1.00x. Debt-
to-total assets ratio will also decrease from 0.62x to 0.50x.
8. Impact of the Proposed PMTHMETD to the Shareholders
The percentage of shareholding ownership of existing shareholders in the Company will decrease
by 7.70% (seven point seven zero percent) following the implementation of the Proposed
PMTHMETD.
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9. Capital Structure of the Company’s Before and After the Implementation of Proposed
PMTHMETD
The following table shows the changes in the composition of shareholders and the capital structure
of the Company before and after the implementation of the Proposed PMTHMETD and after the
implementation of the Proposed PMTHMETD:
Before PMTHMETD After PMTHMETD
Description Series Number of Total Nominal Value Number of Total Nominal Value
% %
shares (IDR) shares (IDR)
Authorized Capital
Series A (Nominal value IDR5,687) A 77,500,800 440,747,049,600 0.03 77,500,800 440,747,049,600 0.03
Series B (Nominal value IDR796) B 368,128,800 293,030,524,800 0.12 368,128,800 293,030,524,800 0.12
Series C (Nominal value IDR227) C 8,984,667,760 2,039,519,581,520 3.06 8,984,667,760 2,039,519,581,520 3.06
Series D (Nominal value IDR99) D 51,285,282,796 5,077,242,996,804 17.46 51,285,282,796 5,077,242,996,804 17.46
Series E (Nominal value IDR12) E 233,000,000,000 2,796,000,000,000 79.33 233,000,000,000 2,796,000,000,000 79.33
Total Authorized Capital 293,715,580,156 10,646,540,152,724 100.00 293,715,580,156 10,646,540,152,724 100.00
Issued and Paid-up Capital
Levoca Enterprise Ltd E 50,642,237,270 607,706,847,240 31.64 50,642,237,270 607,706,847,240 29.20
Port Fraser International Ltd E 46,352,744,597 556,232,935,164 28.96 46,352,744,597 556,232,935,164 26.73
Fountain City Investment Ltd E 39,532,410,300 474,388,923,600 24.70 39,532,410,300 474,388,923,600 22.80
PT Biofuel Indo Sumatra C 2,116,086,600 480,351,658,200 1.32 2,116,086,600 480,351,658,200 1.22
R.A. Sri Dharmayanti D 13,223,000 1,309,077,000 0.01 13,223,000 1,309,077,000 0.01
Armansyah Yamin A 16,799 95,535,913 0.00 16,799 95,535,913 0.00
D 4,000,000 396,000,000 0.00 4,000,000 396,000,000 0.00
Eurofa Capital Investment Inc E - - - 11,718,750,000 140,625,000,000 6.76
Silvery Moon Investment Ltd E - - - 1,640,625,000 19,687,500,000 0.94
Public* 21,396,738,943 2,483,384,245,654 13.37 21,396,738,943 2,483,384,245,654 12.34
Series A (Nominal value IDR5,687) A 19,358,401 110,091,226,487 0.01 19,358,401 110,091,226,487 0.01
Series B (Nominal value IDR796) B 368,128,800 293,030,524,800 0.23 368,128,800 293,030,524,800 0.21
Series C (Nominal value IDR227) C 6,868,581,160 1,559,167,923,320 4.29 6,868,581,160 1,559,167,923,320 3.96
Series D (Nominal value IDR99) D 4,039,155,449 399,876,389,451 2.52 4,039,155,449 399,876,389,451 2.33
Series E (Nominal value IDR12) E 10,101,515,133 121,218,181,596 6.31 10,101,515,133 121,218,181,596 5.82
Total Issued and Paid-up Capital 160,057,457,509 4,603,865,222,771 100.00 173,416,832,509 4,764,177,722,771 100.00
Shares in Portfolio
Series A (Nominal value IDR5,687) A 58,125,600 330,560,287,200 58,125,600 330,560,287,200
Series B (Nominal value IDR796) B - - - -
Series C (Nominal value IDR227) C - - - -
Series D (Nominal value IDR99) D 47,228,904,347 4,675,661,530,353 47,228,904,347 4,675,661,530,353
Series E (Nominal value IDR12) E 86,371,092,700 1,036,453,112,400 73,011,717,700 876,140,612,400
Total Shares in Portfolio 133,658,122,647 6,042,674,929,953 120,298,747,647 5,882,362,429,953
*Public shareholders, each holding under 5%
**Capital structure and composition of the Company’s shareholders before the PMTHMETD based on (i) the Deed of the Company's Meeting
Resolution No. 23 dated 5 July 2024, drawn up before Humberg Lie, S.H., S.E., M.Kn., Notary in North Jakarta, which received approval from the
MLHR by Decree No. AHU-0052501.AH.01.02.Tahun 2024 dated 22 August 2024, and was notified to and accepted by the MLHR according to the
Receipt of Notification of Amendment to Articles of Association No. AHU-AH.01.03-0184937 dated 22 August 2024, both were registered in the
Company Registry at the MOLHR under No. AHU-0176132.AH.01.11.Tahun 2024 dated 22 August 2024 and announced in the State Gazette No.
90 on 8 November 2024, Supplement No. 035787 (“Deed No. 23/2024”) and (ii) the Company's Shareholders Register as of 31 October 2024
issued by the BAE appointed by the Company.
The Company does not hold any of its own shares (treasury shares).
Based on the report from BAE as of 31 October 2024, the Company’s shareholding composition
owned by the Company’s Board of Directors and Board of Commissioners are as follows:
Shares Ownership Ownership
Name Position
Series Number of Shares Total Nominal Value (IDR) Percentage (%)
R.A. Sri Dharmayanti Director D 13,223,000 1,309,077,000 0.01
Armansyah Yamin President A 16,799 95,535,913 0.00
Commissioner D 4,000,000 396,000,000 0.00
The share ownership of the members of the Board of Directors and the Board of Commissioners
in the Company, as mentioned above, has been reported to OJK pursuant to (i) Letter No.
045/BNBR/YS-OJK/V/19 dated 27 May 2019, and (ii) Letter No. 075/BNBR/CS-OJK/IX/22 dated 7
September 2022, in accordance with the provisions of Article 87 paragraph (1) of UUPM and Article
2 paragraph (1) of OJK Regulation No. 4 of 2024 concerning Reports on Ownership or Changes
in Ownership of Shares of Public Companies and Reports on the Pledging of Shares of Public
Companies.
The Controller of the Company is an organized group (consisting of Aburizal Bakrie, Nirwan
Dermawan Bakrie, and Indra Usmansjah Bakrie) as referred to in Article 1 number 2 of POJK
9/2018. Aburizal Bakrie, Nirwan Dermawan Bakrie, and Indra Usmansjah Bakrie have familial
relationships with each other and, therefore, are affiliated parties as defined in Article 1 number 1
of the UUPM. Therefore, Aburizal Bakrie, Nirwan Dermawan Bakrie, and Indra Usmansjah Bakrie,
as an organized group with inter-affiliated relationships, can cooperate to make plans, agreements,
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and decisions to work together to achieve specific goals for the Company through the direct
ownership of Aburizal Bakrie and Indra Usmansjah Bakrie in the Company, and the indirect
ownership of Nirwan Dermawan Bakrie (through his shareholding in several companies that own
shares in PT Biofuel Indo Sumatra), whereas these parties being the ones who control the
Company.
The ultimate beneficial owners of the Company are Aburizal Bakrie, Nirwan Dermawan Bakrie, and
Indra Usmansjah Bakrie, in accordance with the criteria as referred to in Article 4 paragraph 1 letter
(e) of Presidential Regulation No. 13 of 2018 on the Implementation of the Principle of Recognizing
the Beneficial Owners of Corporations in the Context of Preventing and Combating Money
Laundering and Terrorism Financing Crimes.
10. Control of the Company after the Implementation of Proposed PMTHMETD
As of the issuance date of this Information Disclosure and following the PMTHMETD
implementation, there will be no change in control of the Company.
11. Information Regarding the Creditors
a. Eurofa Capital Investment Inc.
Eurofa is a company established in the British Virgin Islands, with its registered office at
Craigmuir Chambers, Road Town, Tortola, VG 1110.
Business Activities
Engaged in investment activities.
Shareholder
Sansi Investment Holding Ltd.
Management and Supervision
Director: Yip Lai Wah
Terms and Conditions for Debt Restructuring
i. The Company and Eurofa acknowledge that the Company’s debt to Eurofa is
USD50,000,000 (fifty million United States Dollars) or equivalent to IDR750,000,000,000
(seven hundred fifty billion Rupiah), based on an exchange rate of USD1/IDR15,000 (one
United States Dollar to fifteen thousand Rupiah), arising from Equity-Linked Notes issued
under the Eurofa Loan Agreement (“Company’s Debt to Eurofa”).
ii. The Company’s Debt to Eurofa will be settled through a non-cash process, wherein Eurofa
will convert the The Company’s Debt to Eurofa by receiving 11,718,750,000 (eleven billion
seven hundred eighteen million seven hundred fifty thousand) Series E shares at a
conversion price of IDR64 (sixty four Rupiah) per share through the PMTHMETD
mechanism as stipulated in POJK 32/2015.
Affiliation Status with the Company
Eurofa is not Affiliated with the Company.
b. Silvery Moon Investment Ltd.
SMIL is a company established in the Marshall Islands, with its registered office at Trust
Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960.
Business Activities
Engaged in investment activities.
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Shareholder
Lee Chi Kuen (Li Zijuan)
Management and Supervision
Director: Lee Chi Kuen (Li Zijuan)
Terms and Conditions for Debt Restructuring
i. The Company and SMIL acknowledge that the Company’s debt to SMIL amounts to
IDR105,007,838,689 (one hundred five billion seven million eight hundred thirty eight
thousand six hundred eighty nine Rupiah), based on the SMIL Acknowledgement of Debt
Agreement (“Company’s Debt to SMIL”).
ii. The Company and SMIL have agreed to settle the Company’s Debt to SMIL through a
non-cash process, in which SMIL will convert the Company’s Debt to SMIL by receiving
1,640,625,000 (one billion six hundred forty million six hundred twenty five thousand)
Series E shares at a conversion price of IDR64 (sixty four Rupiah) per share through the
PMTHMETD mechanism as stipulated in POJK 32/2015.
Affiliation Status with the Company
SMIL is not Affiliated with the Company.
COMPANY’S INFORMATION
1. Brief History
The Company is headquartered in South Jakarta, with an office at Bakrie Tower, 35th–37th Floor,
Rasuna Epicentrum Complex, Jalan H.R. Rasuna Said, Karet Kuningan, Setiabudi, South Jakarta.
It is a limited liability company established under the laws of the Republic of Indonesia, based on
Deed of Establishment No. 55 dated 13 March 1951, made before Sie Khwan Djioe, Notary in
Jakarta. The deed was approved by the Minister of Justice of the Republic of Indonesia (now the
MLHR) through Decree No. J.A. 8/81/6 dated 25 August 1951, registered in the Jakarta District
Court Clerk’s Office under No. 774 dated 1 September 1951, and published in the State Gazette
No. 94 dated 23 November 1951, Supplement No. 550 (“Deed of Establishment”).
The Company’s Deed of Establishment which includes the Company’s Articles of Association have
undergone several amendments, the most recent of which was through Deed No. 23/2024.
The Deed of Establishment, Deed No. 23/2024, and all of its amendments are hereinafter referred
to as the “Articles of Association.”
2. Business Activities
Based on the Deed of the Company's Meeting Resolution No. 19 dated 4 July 2024, drawn up
before Humberg Lie, S.H., S.E., M.Kn., Notary in North Jakarta, which (i) received approval from
the MLHR by Decree No. AHU-0040425.AH.01.02.Tahun 2024 dated 5 July 2024, and (ii) was
notified to and accepted by the MLHR according to the Receipt of Notification of Amendment to
the Articles of Association No. AHU-AH.01.03-0168991 dated 5 July 2024, both were registered in
the Company Registry at the MOLHR under No. AHU-0135300.AH.01.11.Tahun 2024 dated 5 July
2024. The Company's purpose and objective are to conduct business in the fields of services,
industry, construction, and trade, both directly or indirectly through its subsidiaries.
To achieve these purposes and objectives, the Company may conduct the following business
activities:
a. main business activities, including (i) holding company activities, (ii) other management
consulting activities, (iii) business consulting and business brokerage activities; and
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b. supporting business activities, including (i) manufacturing goods from cement and camphor
for construction, (ii) iron and steel casting industry, (iii) pipes industry and pipe fittings made
of steel and iron, (iv) spare parts industry and accessories for vehicles with four wheels or
more, (v) power generation, (vi) distribution of natural and artificial gas, (vii) civil construction
of roads, (viii) civil construction of bridges, fly over, and underpass, (ix) prefabricated civil
construction services, (x) wholesale trading of solid, liquid, and gas fuels and related
products, (xi) wholesale trading of metal goods for construction materials, (xii) wholesale
trading of various building materials, (xiii) toll road activities, (xiv) information technology
activities and other computer services, (xv) industrial estates, (xvi) vehicles industry with
four wheels or more, (xvii) natural gas mining, (xviii) transportation and machinery design
activities, (xix) 3D printing industry, and (xx) commercial web portals and/or digital platforms.
However, the business activities currently being actively conducted by the Company are (i) holding
company activities (KBLI 64200), (ii) other management consulting activities (KBLI 70209), and
(iii) business consulting and business brokerage activities (KBLI 74902).
3. Company Management and Supervision
Based on the Statement of Resolutions of the Meeting Deed No. 31 dated 13 July 2023, made
before Humberg Lie, S.H., S.E., M.Kn., Notary in North Jakarta, which has been notified to and
accepted by the MLHR under Decree No. AHU-AH.01.09-0140225 dated 14 July 2023, and has
been registered in the Company Register at the MOLHR under No. AHU-0133178.AH.01.11.Tahun
2023 dated 14 July 2023, the composition of the Board of Directors and Board of Commissioners
of the Company is as follows:
Board of Commissioners
President Commissioner : Armansyah Yamin
Independent Commissioner : Raniwati Malik
Board of Directors
President Director : Anindya Novyan Bakrie
Vice President Director : Anindra Ardiansyah Bakrie
Director : Hendrajanto Marta Sakti
Director : R.A. Sri Dharmayanti
Director : Kartini Sally
The term of office for all members of the Company’s Board of Directors and Board of Commissioners
is effective from 16 June 2023 and will end in 2026.
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EXTRAORDINARY GENERAL MEETING OF SHAREHOLDERS
In connection with the Proposed PMTHMETD as described in this Information Disclosure, the Company
intends to seek approval at the Company’s EGMS to be held in-person and online through the facility
of the Electronic General Meeting System KSEI that will be provided by KSEI on:
Date : Thursday, 28 November 2024
Time : 14:00 Western Indonesia Time until finished
Place : Nusantara Room, Bakrie Tower 36th & 37th Floor, Rasuna Epicentrum
Complex, Jl. H.R. Rasuna Said, South Jakarta 12940
Notes : This meeting will be held in a hybrid format by the Company using
eASY.KSEI provided by PT Kustodian Sentral Efek Indonesia, domiciled in
South Jakarta
The agenda of the EGMS related to the Proposed PMTHMETD is as follows:
1. Approval of the Company’s plan to carry out PMTHMETD in the context of a financial distress
of the Company in accordance with the provisions of Article 3 letter (a) POJK 32/2015, by
converting the Company's debt to its creditors into share subscriptions.
2. Approval of the amendment of Articles 4 paragraphs (2) and (3) of the Company’s Articles of
Association regarding the increase in the issued and paid-up capital of the Company in
connection with the implementation of PMTHMETD related to the conversion of debt into share
subscriptions carried out by the Company.
Furthermore, the Company has announced the EGMS through the IDX website at www.idx.co.id, the
eASY.KSEI website at https://akses.ksei.co.id, and the Company’s website at https://bakrie-
brothers.com, each on 22 October 2024.
The quorum for attendance and quorum for approval for the first and second agenda items mentioned
above in accordance with POJK 15/2020 and the provisions of the Company’s Articles of Association
are as follows:
1. The EGMS can be held if more than ½ (one half) of the total shares with voting rights are
present or represented. The decisions of the EGMS are valid if approved by more than ½ (one
half) of the total shares with voting rights present at the EGMS.
2. In the event that the quorum for attendance at the first EGMS as referred to in number 1 above
is not met, the second EGMS may be held, provided that the second EGMS is valid and entitled
to make decisions if attended by at least 1⁄3 (one third) of the total shares with voting rights
present or represented. The decisions of the second EGMS are valid if approved by more than
½ (one half) of the total shares with voting rights present at the second EGMS.
3. In the event that the quorum for attendance at the second EGMS as referred to in number 2
above is not met, the third EGMS may be held, provided that the third EGMS is valid and entitled
to make decisions if attended by shareholders holding shares with valid voting rights in the
attendance quorum and decision quorum as determined by the OJK at the request of the
Company.
In connection with the implementation of the EGMS, the announcement of the EGMS has been
published on the IDX website and the Company’s website on 22 October 2024. Meanwhile, the invitation
for the EGMS will be published on 6 November 2024, on the IDX website and the Company’s website.
As information, the important dates to be noticed in connection with the holding of the Company’s EGMS
are as follows:
ACTIVITY DATE
Notification to OJK regarding the EGMS agenda 15 October 2024
Information Disclosure Announcement to Shareholders regarding PMTHMETD 22 October 2024
Announcement of EGMS 22 October 2024
Date of the Shareholders Register entitled to attend the EGMS (Recording Date) 5 November 2024
Invitation of EGMS 6 November 2024
EGMS 28 November 2024
Summary of EGMS Minutes Announcement 2 December 2024
Report to OJK regarding the EGMS Minutes 27 December 2024
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STATEMENT OF THE COMPANY’S BOARD OF DIRECTORS AND BOARD OF
COMMISSIONERS
This Information Disclosure has been approved by the Board of Directors and Board of Commissioners
of the Company, and thus, the Board of Commissioners and the Board of Directors of the Company are
responsible for the accuracy of the information contained herein. All material information and opinions
presented in this Information Disclosure are true and accountable, and there is no other material
information that has not been disclosed that would cause this statement to be untrue or misleading.
The Board of Directors and Board of Commissioners of the Company have reviewed the Proposed
PMTHMETD, including the risks and benefits of PMTHMETD for the Company and all shareholders,
and believe that PMTHMETD is the best option for the Company and all shareholders.
CAPITAL MARKET SUPPORTING INSTITUTION AND PROFESSIONALS
Capital Market Supporting Institutions and Professionals that involved in PMTHMETD and parties that
assist in preparing this Information Disclosure are as follows:
Legal Counsel : TnP Law Firm
Satrio Tower, 15th Floor
Jl. Prof. Dr. Satrio Kav. C4
Jakarta 12950
Partner : Rambun Tjajo
STTD : STTD.KH-277/PJ-1/PM.021/2023, dated 12 December 2023
Notary : Humberg Lie, S.H., S.E., M.Kn.
Jl. Pluit Selatan Raya No. 103
Jakarta 14450
STTD : STTD.N-149/PM.2/2018, dated 16 November 2018
BAE : PT EDI Indonesia
Wisma SMR 10th Floor
Jl. Yos Sudarso Kav. 89
Jakarta 14350
License as BAE : Kep-01/PM/BAE/2000, dated 25 July 2000
Financial Advisor : PT Ciptadana Sekuritas Asia
Plaza ASIA Office Park Unit 2
Jl. Jend. Sudirman Kav. 59
Jakarta 12190
License : KEP-01/PM/PEE/2006, dated 20 January 2006
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ADDITIONAL INFORMATION
Shareholders who wish to obtain other information in connection with the Proposed PMTHMETD may
contact the Company during business hours (08:00 to 15:00 Western Indonesia Time) from Monday to
Friday (except holidays) at the Company's office at the following address:
PT Bakrie & Brothers Tbk
Bakrie Tower, 35th – 37th Floors
Rasuna Epicentrum Complex
Jl. H. R. Rasuna Said
South Jakarta 12940
Telephone: +62-21-2991-2222
Website: www.bakrie-brothers.com
Email: ir@bakrie.co.id
Jakarta, 25 November 2024
Board of Directors
15
Names mentioned 43 people and organisations named in the text · linked when the evidence is strong
unresolved
org
PT BAKRIE
p.1 ×4
unresolved
org
BROTHERS TBK
p.1 ×4
unresolved
org
FINANCIAL SERVICES AUTHORITY
p.1 ×4
unresolved
person
H. R. Rasuna Said South
p.1 ×2
unresolved
org
Means Eurofa Capital Investment Inc.
p.3
unresolved
org
Means Golden Glades Limited
p.3
unresolved
org
Indonesia Stock Exchange
p.3
unresolved
org
PT Kustodian Sentral Efek Indonesia
p.3 ×3
unresolved
org
Minister of Law and Human Rights
p.3
unresolved
org
Minister of Justice
p.3 ×2
unresolved
org
Minister of Law and Legislation
p.3
unresolved
org
Minister of Justice and Human Rights
p.3
unresolved
org
Ministry of Law and Human Rights
p.3
unresolved
org
Minister of Finance
p.4
unresolved
org
Means Silvery Moon Investment Ltd.
p.4
unresolved
org
Y. Santosa & Partners
p.6
unresolved
org
Ascention Ltd.
p.6 ×2
unresolved
org
Ecoline Investment Limited
p.7
unresolved
org
Paid-up Capital Levoca Enterprise Ltd
p.10
unresolved
org
Fountain City Investment Ltd
p.10
unresolved
org
Eurofa Capital Investment Inc
p.10 ×2
unresolved
org
Silvery Moon Investment Ltd
p.10 ×2
unresolved
person
Humberg Lie
· Notaris
p.10 ×6
unresolved
org
Shareholder Sansi Investment Holding Ltd.
p.11
unresolved
person
Yip Lai Wah
· Director
p.11
unresolved
person
Lee Chi Kuen
· Director
p.12
unresolved
person
Sie Khwan Djioe
· Notaris
p.12
unresolved
org
District Court
p.12
unresolved
org
PT EDI Indonesia Wisma SMR
p.15
unresolved
org
PT Ciptadana Sekuritas Asia Plaza ASIA Office Park
p.15
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