PT AKR Corporindo Tbk (AKRA) today completed divestment of all its shareholding in PT Sorini Agro Asia Corporindo Tbk (SAAC) by crossing 629,166,945 shares (68.82% of SAAC issued capital) with PT Cargill Foods Indonesia (CFI) which is 99.99% held by Cargill Luxembourg 6 S.a.r.l.
The signing of the CSPA with Cargill Luxembourg 6 S.a.r.l. was announced on 15 December 2010 and was subject to shareholder approval.
The transaction received approval of the shareholders at the Extra ordinary General Meeting of AKRA held on 26 January 2011 - with shareholders representing 87.57% of the total issued shares attending either in person or by proxy AKRA sold the SAAC Shares to Cargill at Rp 3,500 per share, in a cash transaction which raised over Rp 2.2 trillion for the company.
“The completion of SAAC divestment is an important step for AKRA and we are pleased that the sale process was concluded expeditiously and benefits AKRA stakeholders” said Mr. Haryanto Adikoesoemo, President Director of AKRA.
“This divestment is in line with AKRA business focus and strategy and it enables us to further unlock shareholder value” said Mr. Haryanto Adikoesoemo. “The divestment will enable AKRA to reinvest toward energy, petroleum and chemical distribution and logistics infrastructure business which present higher-yield and better growth opportunity.”
The transaction received approval of the shareholders at the Extra ordinary General Meeting of AKRA held on 26 January 2011 - with shareholders representing 87.57% of the total issued shares attending either in person or by proxy AKRA sold the SAAC Shares to Cargill at Rp 3,500 per share, in a cash transaction which raised over Rp 2.2 trillion for the company.
“The completion of SAAC divestment is an important step for AKRA and we are pleased that the sale process was concluded expeditiously and benefits AKRA stakeholders” said Mr. Haryanto Adikoesoemo, President Director of AKRA.
“This divestment is in line with AKRA business focus and strategy and it enables us to further unlock shareholder value” said Mr. Haryanto Adikoesoemo. “The divestment will enable AKRA to reinvest toward energy, petroleum and chemical distribution and logistics infrastructure business which present higher-yield and better growth opportunity.”
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