In today’s briefing:
- Tunas Ridean (TURI IJ): JCNC & Tunas Andolan’s Quasi Delisting Proposal
Tunas Ridean (TURI IJ): JCNC & Tunas Andolan’s Quasi Delisting Proposal
- Tunas Ridean (TURI IJ) announced a plan to change its status from an open company to a closed company.
- In effect, TURI will undertake a buyback of its shares at Rp1,700/share, a lifetime high. Those who do not tender will be left holding unlisted scrip.
- Jardine Cycle & Carriage (JCNC SP) and Tunas Andalan both hold 46.24%, leaving 7.52% in public hands. The proposal requires a shareholder vote. It appears no shareholder needs to abstain.
Before it’s here, it’s on Smartkarma
