JAKARTA. PT Nev Stored Energy (NSE) will initiate a voluntary tender offer for the shares of PT Green Power Group Tbk (LABA), a steel manufacturer formerly called PT Ladangbaja Murni Tbk.
In the issued prospectus, NSE, as the new controlling shareholder of LABA, is required to conduct a mandatory tender offer. However, the mandatory tender offer is excluding the shares owned by PT Longping Investasi Indonesia of 21.75%.
Said exemption occurs following Longping that is still deemed qualified as LABA’s primary shareholder according to the regulations of Financial Services Authority (OJK).
Therefore, the tender offer that will be led by NSE for public shareholders will involve a maximum of 303.4 million shares or 27.50% of total shares. They will have the price set to IDR 121 each, thus bringing the estimated value of this corporate action to IDR 36.71 billion.
NSE has declared its financial capability to conduct this mandatory tender offer. The public offering will take place from September 5 to October 4, 2024. (KR/ZH)