Iim Fatimah Timorria, writing for Bisnis.Com, reports that PT Gudang Garam Tbk. (GGRM) has re-injected capital into its subsidiary, PT Surya Dhoho Investama (SDHI) to the tune of IDR 2-trillion.
Gudang Garam Corporate Secretary, Heru Budiman, said the additional capital was carried out to support the continuation of the development process for the Integrated Airport in Kediri, East Java, which was built by the company through SDHI.
In this affiliated transaction, Gudang Garam took 2-million new shares issued by SDHI, with an additional capital deposit of IDR 2-trillion, report Bisnis.Com.
With this transaction, SDHI’s issued and paid-up capital increased to IDR 10-trillion from the previous IDR 8-trillion. The issuer with the stock code GGRM is recorded as having 9.99-million shares or IDR 9.99-trillion and PT Surya Duta Investama’s ownership is 1 share or IDR 1-million.
“SDHI’s authorized capital has also been increased from IDR 9-trillion to IDR 10-trillion,” said Heru in an information disclosure on the Indonesia Stock Exchange (IDX), Tuesday (1/11/2022).
He said that the additional issued and paid-up capital would be made in stages, starting with an initial capital deposit of IDR 200-billion on November 10, 2022. The rest would be paid in stages, until all of them were paid in by the end of March 2023.
SDHI is a controlled company and an affiliate of the company whose shares are owned directly by the company by 99.99-percent. GGRM is the initiator of the Airport Business Entity Partnership (PPP) project in Kediri, East Java, which was built by SDHI.
SDHI has officially signed a cooperation with the government for the construction of the airport on September 7, 2022. The signing also marks the first airport project in Indonesia to be built with pure private financing and without using the State Revenue and Expenditure Budget (APBN).
GGRM management explained that the government-business entity cooperation agreement (PPP) has a cooperation period of 50-years from the date of phase I commercial operation. SDHI will carry out a joint operation (KSO) on the Kediri New Airport construction project with Angkasa Pura I. Both have been declared winners with a duration of cooperation of 50-years since the airport began operating.
The Ministry of Transportation reported that the total investment reached IDR 10.8-trillion, with the breakdown of IDR 6.6-trillion in stage I, IDR 1.2-trillion in stage II, and IDR 3-trillion in stage III.
With this development, the airport’s passenger capacity for phase I can reach 1.5-million passengers per year. Then the second stage capacity will be 4.5-million passengers per year and stage III 10-million passengers per year.
Bisnis.Com are reporting that Kediri Airport is targeted to operate by the end of 2023 and is projected to be able to serve wide-body aircraft such as the Boeing 777-300ER. In March 2022, GGRM was recorded to have injected capital into SDHI amounting to IDR 2-trillion. In the affiliate transaction, Gudang Garam also took 2-million new shares issued by SDHI, with an additional capital deposit of IDR 2-trillion.