Alison Investments Ltd one of the creditors of PT Surabaya Agung Industry Pulp & Kertas Tbk (Surya Kertas), will have 428.39 million shares or 7.78% shares of company stock after converted in corporate debt restructuring scheme phase II.
Referring to the company's financial statements as of 31 March 2011, outstanding debt to Alison Surya Paper U.S. $ 48.93 million, down 3.3% compared to the outstanding at December 31, 2010 amounted to U.S. $ 50.62 million.
Based on the prospectus the company issued today, the conversion of the shares after the company get approval in general meeting extraordinary shareholders to be held August 19.
In this second phase of the restructuring scheme, the company will convert the debt of U.S. $ 241.18 million by issuing 2.06 billion new shares of nominal value of Rp 1,000 per share.
The restructuring scheme was approved by the 6 creditors representing 88% of the total value of corporate loans. Some of the creditors who have not signed the restructuring agreement is Deutsche Bank Surabaya, PT Bank UOB Indonesia, Avenue Asia Special Situations Fund II, LP, Avenue Asia Capital Partners, LP, Bank of China Singapore Branch, Compagnie Financiere de CIC Et De L'Union Europeenne Branch Singapore, and PT BRI.
The creditors who have signed a restructuring agreement that is the ZT phase II Holding Pte. Ltd, PT Bank Resona Perdania, and Alison Investments.
After the addition of new capital is effective, the percentage ownership of shareholders is less than 5% including the public shareholders will experience a decrease (dilution) from 2.32% to 1.45%.
Dilution also occurs in the portion of shareholding ZT Holding Pte. Ltd. which is a majority shareholder, from 76.32% to 72.45%. While the share of ownership of shares of PT Intan True True is the founding shareholders diluted from 6.20% to 3.89%. The portion of ownership of shares of PT Bank Resodana Perdania rose from 6.31% to 7.90%.
SAIP-coded stock price that closed at the level of Rp510 per share formed a market capitalization of the company amounting to Rp1, 76 trillion. (BSI)