All-Link Air & Sea to take 51% stake in PT All Link Indonesia

It will subscribe for 5,100 new shares at $71.2 each.

Singapore-listed All-Link Air & Sea Limited has proposed taking a 51% stake in PT All Link Indonesia through a subscription for 5,100 new shares, the company said.

The subscription will cost $363,237 (IDR 5.1b), with each share issued at a par value of $71.2 (IDR 1m).

PT All Link’s existing shareholders will also subscribe for 4,400 new shares for $313,381 (IDR 4.4b), holding a combined 49% stake in the enlarged share capital.

No consideration will be paid to the existing shareholders.

The subscriptions will raise PT All Link’s issued and paid-up capital to $712,230 (IDR 10b), meeting Indonesia’s statutory capital requirement for foreign-investment companies, All-Link said.

The proposed investment is subject to regulatory approvals, including the conversion of PT All Link from a domestic-investment company to a foreign-investment company, as well as other conditions under the share subscription agreement.

All-Link said it intends to proceed as soon as practicable, subject to regulatory processing times.

The deal would expand All-Link’s presence in Indonesia’s freight-forwarding sector whilst retaining local expertise and relationships, All-Link CEO Peter Neo said.

S$1 = IDR 14,069

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