JAKARTA (Yosefardi) – Derra Caymand Ltd now holds 1.12% shares of plantation company PT Provident Agro Tbk (PALM) as it had converted its loan into shares.
Provident and Deira Equity Ltd, had agreed on loan agreement signed in 2009, on which PALM has option to convert its debt into equity.
PALM had in June 30, 2014 issued 79.56 million new shares or 10% of its enlarged capital, priced at Rp420 per share.
Deira also absorbed 79.56 million PALM shares, or 1.12% of PALM’s enlarged shares capital.