Not Just MBSS! This Ship Issuer Also Changes Owner & Gets ARA


Jakarta, CNBC Indonesia Management shipping issuer PT Rig Tenders Tbk (RIGS) announced that it is ready to change its controlling ownership directly and indirectly.

In the disclosure of information published by the Indonesia Stock Exchange (IDX), management announced that Scomi Marine Services Pte. Ltd. as a shareholder of the company, intends to transfer all of its share ownership of 490,597,000 shares representing 80.54% of the total issued and paid-up capital of the company.

The recipient of this transfer is PT Surya Indah Muara Pantai, a company established under the laws of the Republic of Indonesia.

The proposed takeover/negotiation plan for the takeover is stated in the Conditional/Share Purchase Agreement (CSPA) which was signed by the two companies on August 26, 2021.

The completion of the proposed acquisition or plan will be carried out in accordance with all preliminary terms and conditions as set out in the CSPA, the company’s basic budget, and applicable capital market regulations.

According to the disclosure, the impact of this takeover transaction is the change in the status of the controlling shareholder of the company from SMS to PT SIMP after the completion of the planned takeover transaction.

By changing the legal status of the company from a Foreign Investment Company (PMA) to a Domestic Investment Company (PMDN), the company can develop the company’s business activities which were previously hampered by the Cabotage Law principle.

Basics cabotage is a provision that requires ships in Indonesian waters to have an Indonesian flag.

This will have a positive impact on the company’s operational and financial performance and can increase the company’s profitability.

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Recorded as of July 31, 2021. 80.54% of RIGS shares are held by Scomi Marine Services and the remaining 19.46% is held by public investors.

In response to the replacement of this controller, RIGS shares managed to fly to the ARA level (Upper Auto Reject, a maximum increase of 25% in a day) to a price level of Rp 264/unit. However, the transaction was relatively quiet at Rp 1.24 billion with a market capitalization of Rp 160 billion.

In the last month RIGS shares rose 29%, and in the last 3 months its shares rose 25% with foreign records entering Rp 37 million in the last 3 months.

In addition to RIGS, previously PT Mitrabahtera Segara Sejati Tbk (MBSS) also changed ownership after the majority shareholders released the shares of this shipping logistics issuer.

Investors who sold MBSS shares were Lo Kheng Hong, PT Indika Energy Tbk (INDY), and The China Navigation Co. Pte. Ltd. (CNCO).

CNBC INDONESIA RESEARCH TEAM

[Gambas:Video CNBC]

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