JAKARTA, investor.id – PT Trisula International Tbk (TRIS) plans to conduct a Rights Issue (HMETD) to acquire PT Chitose Internasional Tbk (CINT). To determine whether the Rights Issue will proceed, TRIS intends to seek approval from its shareholders by holding an Extraordinary General Meeting of Shareholders (EGMS).
The EGMS is scheduled to take place on July 13, 2023. If it proceeds, TRIS will have two publicly listed subsidiaries, namely PT Trisula Textile Industries Tbk (BELL) and CINT. This aligns with Trisula Group’s plan to consolidate its subsidiaries under the umbrella of PT Trisula International Tbk (TRIS), which operates in the textile and garment sectors.
For your information, the company will issue a total of 622.56 million shares through the rights issue. This corporate action aims to increase share capital through an in-kind contribution valued at IDR 126 billion and cash amounting to IDR 23.14 billion.
“This consolidation step is part of the company’s business diversification strategy as well as a risk mitigation effort. Through this acquisition, we have the potential to increase the company’s revenue in the future by expanding our business portfolio,” said Widjaya Djohan, President Director of Trisula International (TRIS), in a written statement on Tuesday (June 27, 2023).
As part of the Trisula Group, CINT is a subsidiary engaged in the furniture industry and has been established since 1979. Having become a publicly listed company on the Indonesia Stock Exchange in 2014, the company—owner of the Chitose brand—focuses its business on the production of chairs, including those used in offices, hotels, airports, schools, and private homes.
By bringing CINT into the group, TRIS will expand its business scope, products, assets, and investments, enabling it to leverage cross-selling opportunities and offer comprehensive solutions to customers as a form of synergy. In addition, TRIS is expected to capture further synergies, enhance expertise, and explore new growth opportunities.
On the other hand, this corporate action will expand CINT’s distribution network, thereby driving increased demand from government and private offices, educational institutions, and the healthcare sector. This step will also open opportunities for CINT’s products to expand into global markets.
Thus, CINT’s inclusion in the TRIS Group will reduce the company’s dependence on a single line of business or a single market, whether domestic or export. Therefore, the company hopes that this move will help minimize business risks in the future.
Editor: Indah Handayani (handayani@b-universe.id)