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POWR Plans to Issue Notes
Public News|October 15, 2021
Jakarta, October 16, 2021 - PT Cikarang Listrindo Tbk (POWR) is holding a Continuation of the Extraordinary General Meeting of Shareholders (EGMS) dated June 2, 2021 and an EGMS on October 15, 2021.
Based on the official statement, Saturday (16/10), the first agenda regarding the shareholders’ approval in connection with the proposed issuance of notes denominated in United States Dollar that will be issued by the Company through debt securities offerings.
Then the second agenda regarding the amendments of Article 3 of the Company's Articles of Association in order to adjust to the Standard Classification of Business Fields (KBLI) 2020.
The Management of PT Cikarang Listrindo Tbk said, the Company has published the Information Disclosure for the first agenda on September 23, 2021 and available at the Company's website and the Indonesian Stock Exchange (IDX) website.
The proceeds will be utilized to partially or wholly redeem the 2026 Notes, including interest and other fees, as in response to the circumstances that by September 14, 2021, the Company is eligible to perform an early redemption of wholly or partially of the Notes 2026 as stipulated in the Indenture.
The Management of PT Cikarang Listrindo Tbk said that the execution of this action will depend on market conditions. The Company will monitor market conditions that provide the best opportunities, so that the Company gains the right momentum in carrying out the corporate action.
The Management also stated that Notes 2026 still have a maturity period of 5 years until 2026, thus the Company will have ample of time to issue without the necessity for an immediate action. With the approval of the shareholders, it will give the Company the flexibility to refinance in the future until the next EGMS.
In addition to the second agenda, the EGMS gave power and authority to the Company's Board of Directors to implement changes of Article 3 of the Company's Articles of Association in order to adjust the Standard Classification of Business Fields (KBLI) 2020, as well as restate and compile all other articles of the Company's Articles of Association.
This is in connection with the KBLI 2020 published on September 24, 2020, that all companies are required to adjust the aims, objectives and business activities in the Company's Articles of Association. The amendment to the Articles of Association becomes a requirement for every company in managing the business license renewal, that has been designated as 1 (one) door access by the Government through the Online Single Submission (OSS) system.
Source: Berita Satu (English version translated by the Company)