Business · Markets · 1 hr ago
PGUN Says It Was Not Involved in Share Pledges to Bank Mandiri
Three major shareholders of Indonesian company PGUN pledged all their PGUN shares to Bank Mandiri on September 30.
The shares were collateral for a credit facility taken by Jhonlin Baratama, an affiliate of PGUN.
PGUN says it was not involved in negotiating or arranging the credit.
It also says it did not provide a guarantee or other support, and will not receive any of the funds.
The shareholders named were Araya Agro Lestari, Citra Agro Raya and Baramega Citra Mulia Persada.
The pledge came before Jhonlin Baratama completed a purchase of shares in Bayan Resources on October 7.
PGUN has not provided details of the credit facility, and no further steps are stated.
PGUN said it was not involved in negotiations for a Bank Mandiri credit facility secured by shares in the company.
Three major PGUN shareholders pledged all their PGUN shares to Bank Mandiri on September 30.
The pledging shareholders were PT Araya Agro Lestari, PT Citra Agro Raya and PT Baramega Citra Mulia Persada.
PGUN said its affiliate PT Jhonlin Baratama handled the facility directly with the bank.
PGUN said it provided no guarantee or other support and would receive no proceeds from the facility.
- Who
- PGUN and three of its major shareholders: PT Araya Agro Lestari, PT Citra Agro Raya and PT Baramega Citra Mulia Persada.
- What
- The three shareholders pledged their PGUN shares to Bank Mandiri as security for a credit facility. PGUN said it was not involved in negotiating the facility.
- When
- The share pledges took place on September 30. PGUN disclosed its response on October 9.
- Where
- Not stated.
- Why
- The shares were pledged as security for a credit facility obtained by PGUN affiliate PT Jhonlin Baratama.
This story does not have two clearly opposing sides.
The company was not fully involved in discussions or negotiations for the credit facility, the application for the facility, or Bank Mandiri's approval or offering letter.
No funds from the credit facility will flow to the company, whether as shareholder loans, capital injections, or financing for the company's business plans or corporate actions.
PT Araya Agro Lestari, PT Citra Agro Raya and PT Baramega Citra Mulia Persada pledged their PGUN shares to Bank Mandiri.
The share pledges were disclosed through information filings to the Indonesia Stock Exchange.
PGUN director Tamlikho stated that the company was not involved in negotiating the credit facility.
- Pledged shares
- 5.29 billion PGUN shares in total
- PT Araya Agro Lestari
- 2,205,667,896 shares pledged
- PT Citra Agro Raya
- 2,194,778,786 shares pledged
- PT Baramega Citra Mulia Persada
- 900,000,250 shares pledged
- Borrower
- PT Jhonlin Baratama
- Lender
- PT Bank Mandiri (Persero) Tbk
Sources
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