OJK Leaves AISA Private Placement Plan in Limbo

By Editorial Team 30/08/2019
Summary

PT Tiga Pilar Sejahtera Food Tbk (AISA) haven’t had an alternative plan to settle its debts as the repayment to United Overseas Bank (UOB) is nearing its due by next month. Unless it is paid off, two of AISA's subsidiaries, Taro Paloma and Balarajasa Bosco Paloma, might be declared bankrupt, since debt repayment is one of the points in the subsidiaries’ postponement of debt payment obligation (PKPU).

AISA was only a step ahead before securing funds to pay off bills, in which the value is still being verified, following the willingness of FKS Food & Ingredients to acquire AISA's shares through a private placement scheme. In the corporate action, AISA plans to issue 1.57 billion series B shares at Rp 210 per share, giving the company’s opportunity to reap fresh funds of approximately Rp 329.47 billion. However, the Financial Services Authority (OJK) has not yet given its approval on the plan since AISA has not published the audited financial statement.

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