The ownership of the three pillars of the corpora in AISA is only 5.28%

KONTAN.CO.ID – JAKARTA. The founder and majority shareholder of PT Tiga, Pilar Sejahtera Tbk Food (AISA) continues its action to reduce its shareholding. Last weekend, PT Tiga Pilar Corpa again released AISA shares.

According to data from Kustodian Sentral Efek Indonesia (KSEI), Friday, June 29, Three Pilar Corpora has released 61.63 million AISA shares. Alhasi, the total ownership of the shares of Three Pilar Corpora in AISA no longer comprises only 169.86 million AISA shares. The amount equals 5.28% of all outstanding shares.

If calculated, throughout June 2018, Three Pilar Corpa released about 213.3 million AISA shares. At the end of May, Three Pillars of Corpora still controlled 383.2 million shares of AISA, or 11.91%. That is to say that in just over a month, ownership of the three pillars of corpus at AISA has been reduced by more than half.

Meanwhile, the composition of the other shareholders with a stake greater than 5% is unchanged. As of June 29, 2018, KKR still holds a 9.09% interest in AISA through KKR Asset Management LLC. Fidelity Funds-Pacific still holds 7.83% of the shares of AISA. Morgan Stanley still has 6.52%, Primanex Limited 5.38% and JP Morgan and Chase Bank (JPMCB) Na Re-Trophy Investor I Ltd. at 9.33%.

The absence of changes in the composition and ownership percentage of shareholders other than Three Pilar Corpa automatically increases the ownership of public shareholders. At the end of May, public investors held 49.94% of AISA shares. Today, the public participation of public investors in AISA has increased to 56.57%.

Nahas, the increase in public shareholder participation occurs when the price of the AISA stock is constantly depressed due to the deterioration of the fundamentals of the company after legal affairs affecting the Rice activity mid-2017.

AISA has just published its December 2017. As a result, AISA recorded a net loss of 551.9 billion Rp. As of December 31, 2016, AISA still recorded a net profit of 581 billion rupiahs.

In addition to losing, the threat of debt default also threatens the AISA. On Thursday this week (5/7), AISA has to pay interest on TPS Food I / 2013 and Ijarah Ijarah Sukuk Ijarah I / 2013 Sukuk Ijarah. The total interest of both bonds is 46.12 billion rupiahs.

Whereas, in the disclosure of information on the Indonesia Stock Exchange released last weekend, the Secretary General of AISA Ricky Tjie said the cash position of the company as of June 26, 2018 was only Rp 48 billion.

The amount of cash may be sufficient to pay the interest on the debt maturing the next two days. However, on July 19, AISA will also have to pay fee ijara from TPS Food II / 2016 Sukuk Ijarah worth Rp 63.3 billion.

Poor performance and the risk of paying interest on debt are putting increasing pressure on AISA 's course of action. Yesterday, Monday (2/7), the share price of AISA fell again by 21.72% to Rp 191 per share. In the past month, the AISA share price has fallen to 59.87%.

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