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Indonesian Tobacco Company Completes Transition to Private Company

Jan.16.2024
Indonesian Tobacco Company Completes Transition to Private Company
Indonesian tobacco company PT Bentoel Internasional Investama Tbk has completed its transition from a public to a private company.

Indonesian media outlet detikfinance reported on January 16 that Indonesian tobacco company PT Bentoel Internasional Investama Tbk has successfully transitioned from a publicly listed company to a private company. The Indonesian Stock Exchange (BEI) officially delisted the company on January 16.


According to an announcement by PT Bentoel Internasional Investama Tbk company, the Indonesian Stock Exchange has approved the delisting of the company's stocks from the exchange on January 16, 2024. The announcement was signed by Rina Hadriyani, the Head of Evaluation Department at the Indonesian Stock Exchange Company, and Pande Made Kusuma Ari, the Head of Trading Management and Operations Department.


The announcement also explicitly states that if Bentoel intends to relist on the stock market, it can do so according to existing regulations. As recorded by detikcom, Bentoel plans to withdraw from the stock market starting in 2022. However, the company has encountered some difficulties in this process due to the lack of involvement from certain independent investors.


CEO Dinar, speaking at the shareholder meeting held at Mercure Hotel in Jakarta, said, "We are closely monitoring the Dlist program. Currently, the process is underway." It is understood that nearly all of the RMBA shares are owned by British American Tobacco (BAT), with only 0.04% remaining in public hands. The company is currently unable to ascertain the attendance of these shareholders.


Dinar stated, "Regarding the shareholders whose attendance or whereabouts we are unaware of, we have attempted to contact them but have not received any response. As a result, we have sought assistance from a third party. This process will continue and we will make every effort to resolve this matter.


According to data from 2022, Bentoel Company's net profit reached 953 billion Indonesian Rupiahs (approximately 61 million US dollars), reflecting a growth of 11.87% compared to the previous year. The company stated that the decision to delist was made in order to better navigate the market environment and future development requirements.


References:
[1] Emiten Rokok Bentoel Resmi Delisting dari Bursa!
Also Read:
[1] KT&G Sends "Imagine Volunteers" to Indonesia and Vietnam for Volunteer Service
#Indonesia#OTHER AREAS

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