JAKARTA (Yosefardi) – Transportation firm PT Steady Safe Tbk (SAFE) is set to launch the private placement of shares to PT Infinity Wahana, valuing for Rp22.33 billion used to settle debt to Infinity.
Currently, Infinity Wahana controls 61.4% SAFE shares. Other sharehoders are Credit Suisse Singapore (22%), and public investors (15.96%).
After this transaction, Infinity Wahana’s ownership increases to 75.4% while Credit Suisse and public will hold 14% and 10.17% shares respectively.
SAFE now has capital deficiency of Rp75.4 billion and current liability reaches Rp47.9 billion. It also has tax debt of Rp36.5 billion. The company has stopped operation of its subsidiaries.