Swiber Holdings divested its 23 percent stake in PT Rajawali Swiber Cakrawala to the president director of PT Equitoria Offshore Berjaya for US$500,000, the Singapore-based offshore and marine company said in a filing to SGX Tuesday.
The president director of PT Equitoria Offshore Berjaya already held the other 77 percent of construction and support services provider PT Rajawali, the filing said.
Swiber said it sold its stake due to PT Rajawali facing challenges renewing its business its business licence to operate an offshore construction business as Swiber’s shareholding meant it was considered a foreign company.
“This has resulted in PT Rajawali being unable to fulfill certain requirements to participate in offshore construction projects in Indonesia,” Swiber said. “In view thereof, the majority shareholder had offered to acquire the company’s entire shareholding in PT Rajawali at the consideration, so that PT Rajawali can become a wholly-owned Indonesian entity.”
Based on Swiber’s latest unaudited consolidated accounts for the quarter ended 31 March 2016, the sale shares book value was around US$580,000, the filing said.
But an independent valuation, commissioned by PT Rajawali and undertaken by an independent professional valuer, the market value of the stake was US$58,000 as of end-June, the filing said.