JAKARTA, Investor.id – PT Bentoel Internasional Investama Tbk (RMBA) will become a closed company (go private) and delisting from the Indonesia Stock Exchange (IDX). This action will be realized after obtaining approval at the Extraordinary General Meeting of Shareholders (EGMS) September 28.
British American Tobacco (BAT) as the controller of Bentoel will buy the remaining public shares at the level of Rp 1,000 per share. This price is 226.8% more expensive than the last closing price of RMBA shares before being suspended on August 5, 2021, which is IDR 306 per share.
This nominal is also 356.21% higher than the highest average daily trading price on the Indonesia Stock Exchange (IDX) in the last 90 days prior to the announcement of the plan to go private on August 20, 2021, which is IDR 281 per share.
In fact, 571.43% higher than the results of the share price assessment based on the assessment of independent appraisers, namely Rp. 175 per share, 2,000% higher than the nominal value of each share of Rp. 50 per share, 147.28% higher than the highest trading price in Indonesia. regular market for the last two years, plus a premium in the form of a two-year return on investment of Rp 679 per share.
Bentoel’s plan for go private and delisting will change the status of Bentoel Internasional Investama from a public company to a closed company, as well as remove RMBA shares from listing on the IDX. In order to smooth out this step, Bentoel must buy shares that are still owned by the public. In order for the public to want to sell their shares, the price offered to the public is much higher than the last trading price.
“The offering price of Rp 1,000 per share is a more attractive price than the company’s historical share price,” the management wrote in an official statement quoted on Sunday (26/9).
Meanwhile, public shareholders who sell their shares in a scripless form at the time of the tender offer will be subject to a tax levy of 0.1% from the proceeds of the sale, or 0.6% in the event that the shares sold are founder shares. However, those who do not participate in the tender offer can no longer sell their shares through the IDX and may be subject to income tax levies obtained from the sale of shares in accordance with the provisions of tax regulations.
If the shareholder is not an Indonesian resident, the sale of company shares that are no longer listed on the IDX may be subject to an income tax levy of 20% of the selling price, unless exemption is granted under the applicable Double Taxation Avoidance Agreement (P3B).
Bentoel is a kretek cigarette manufacturer which was first listed as a public company in 1989. Bentoel Group was founded by Ong Hok Siong in 1930. The company was officially listed on the Jakarta and Surabaya Stock Exchanges 60 years later or on March 5, 1990. At that time, RMBA released 1.20 million new shares with an IPO exercise price of Rp 3,380. Thus, the company raised funds of around Rp. 4.06 billion.
In 2009, Bentoel was acquired by British American Tobacco (BAT). Until now, RMBA is still part of BAT by carrying brands such as Dunhill and Lucky Strike. BAT is the controller and is recorded as controlling 92.50% of RMBA’s shares as of June 30, 2021. The rest, UBS AG London 7.30% and the public 0.20%.
Editor : Parluhutan ([email protected])