Gov’t Takes Over PT Tuban Petrochemical
Date 3 Oktober 2019
President Joko “Jokowi” Widodo on 19 September, 2019 signed Government Regulation (PP) Number 66 of 2019 on State Capital Injection of the Republic of Indonesia to the PT Tuban Petrochemical Industries.
The capital injection aims to support the development of national petrochemical industry and to improve the capital structure of PT Tuban Petrochemical Industries.
“The aforementioned state capital injection is Rp2,618,241,494,537.00 (two trillion six hundred eighteen billion two hundred forty-one million four hundred ninety-four thousand five hundred thirty-seven rupiah) or Equivalent to 157,906 (One hundred fifty seven thousand nine hundred and six) shares of PT Tuban Petrochemical Industries,” article 2 paragraph (1) of the Regulation reads.
The Regulation further states that the state capital injection comes from the conversion of Government receivables in the form of Multi Years Bond of PT Tuban Petrochemical Industries.
“The aforementioned state capital injection makes total capital of the Republic of Indonesia in PT Tuban Petrochemical Industries is valued at Rp2,908,409,694,537 (two trillion nine hundred eight billion four hundred nine million six hundred ninety-four thousand five hundred thirty-seven rupiah) or equivalent to 175,406 (one hundred seventy five thousand four hundred and six) shares or equivalent to 95.9% (ninety five point nine percent),” article 3 of the Regulation states.
The Regulation further stipulates that in order to develop national petrochemical industry, the state capital injection will be followed up with an increase in capital of PT Tuban Petrochemical Industries through the issuance of new shares.
“This Government Regulation shall apply as of the date of its promulgation,” article 6 of the Government Regulation reads. The Regulation was promulgated by Minister of Law and Human Rights Yasonna H. Laoly on 23 September, 2019. (Pusdatin/ ES)
Translated by: Ridwan Ibadurrohman
Edited by: Yuyu Mulyani