PT Acset Indonusa Tbk completed the acquisition of remaining 45% stake in PT ATMC Pump Services from Transit-Mixed Concrete Ltd.
August 12, 2021
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PT Acset Indonusa Tbk (IDX:ACST) agreed to acquire remaining 45% stake in PT ATMC Pump Services from Transit-Mixed Concrete Ltd (SGX:570) for IDR 20.3 billion on May 17, 2021. On June 7, 2021, PT Acset Indonusa Tbk signed the agreement to acquire remaining 45% stake in PT ATMC Pump Services from Transit-Mixed Concrete Ltd. Upon the completion of the transaction, PT ATMC Pump Services will cease to be a joint venture entity of the Transit-Mixed Concrete Ltd. The transaction is subject to the execution of a Sale & Purchase agreement. Transit-Mixed Concrete Ltd intends to use the net proceeds of approximating IDR 20.3 billion from the Proposed Disposal for working capital purposes. The transaction is not expected to have a material impact on the Transit-Mixed Concrete Ltd's consolidated net tangible assets or earnings per share for the financial year ending 28 February 2022. On June 9, 2021, Transit-Mixed Concrete had sought the SGX-ST's guidance pursuant to the classification of the Proposed Disposal of PT ATMC Pump. As of July 16, 2021, Transit-Mixed Concrete received a letter from the SGX-ST, granting the approval for the Waiver, subject to the following conditions: (a) Transit-Mixed Concrete announcing the Waiver granted, the reasons for seeking the Waiver, the conditions as required under Mainboard Listing Rule 107 and if the Waiver conditions have been satisfied. If the Waiver conditions have not been met on the date of the announcement, Transit-Mixed Concrete must make an update announcement when the conditions have all been met; and (b) the Board of Directors confirmation that the Waiver will not be in contravention of any laws and regulations governing Transit-Mixed Concrete and its constitution. The Board of Directors confirms that: (a) the Waiver conditions have been satisfied and have been met on the date of this announcement; and (b) the Waiver will not be in contravention of any laws and regulations governing Transit-Mixed Concrete and its constitution.
PT Acset Indonusa Tbk (IDX:ACST) completed the acquisition of remaining 45% stake in PT ATMC Pump Services from Transit-Mixed Concrete Ltd (SGX:570) on August 13, 2021. Following Completion, PT ATMC has ceased to be a joint venture entity of PT Acset Indonusa Tbk.
PT Acset Indonusa Tbk is an Indonesia-based company which is engaged in the business of construction services. The Company is primarily engaged in building construction, highway construction, foundation and piling installation services. It has a specialization in foundation and diaphragm wall works. The Companyâs construction services include the mechanical, electrical, and plumbing (MEP) services, carried out through its subsidiary, PT Bintai Kindenko Engineering Indonesia (BINKEI). The Company through its subsidiaries, PT Innotech Systems, PT Aneka Raya Konstruksi Mesindo, and PT ATMC Pump Services, provides construction support services, which include formwork, rental of passenger hoist and tower crane, and concrete pumping. The Company through a subsidiary, PT Sacindo Machinery, provides construction project equipment in the form of heavy equipment sales, including stationery concrete pump, mobile concrete pump, passenger hoist, drilling rig, crawler crane, and tower crane.