PT BJTI, Pelindo III’s Subsidiary, Will Sell All of Their Shares in PT BKMS

Luthfil Hadi - Jakarta, 28/08/2018, 14:10

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BKMS is a joint venture company between PT BJTI, a subsidiary of Pelindo III and PT UEPN (Usaha Era Pratama Nusantara) a subsidiary of PT Aneka Kimia Raya (AKR) Corporindo. BJTI plans to sell all of their share in BKMS which add up to 40% and will appoint Public Appraisal Services Office (Kantor Jasa Penilai Publik) to do a due diligence for the valuation of BKMS shares. The divestment study is scheduled to be completed in the early fourth quarter of 2018 and all of the shares will be sold by the end of 2018.


According to Hot Rudolf Marihot, CEO of PT BJTI, the collaboration of PT BJTI in BKMS has low investment return, lower than the projected returns so it is considered unfavorable commercially and needed to be evalulated. The evaluation resulted in PT BJTI pulling out from the investment in BKMS by selling divesting their shares.


Up till July 2018, BKMS’s profit experiencing a significant decline that makes BKMS unable to contribute their profit to PT BJTI. The decline in BKMS profit is caused by the target of the selling of the industry area haven’t been able to be achieved said the Director of Finance, Endot Endardono. Despite BKMS being an industry area that was managed by PT BJTI since 2013 and have the authority to manage 1027 Ha area with the total asset valued up to IDR 4.94 Trillion (USD 337.8 Million), the decline in profit is considered to be a burden and could lead to PT BJTI unable to achieve their work target in 2018 said Hot Rudolf Marihot.


BKMS’s cashflow that hasn’t been able to pays dividend to their shareholder since 2015 to 2017 reflect that BKMS became a burden to PT BJTI instead of giving them profit. PT BJTI had to take strategic measures because of BKMS failure to achieve their income target. The measures they took is to sell all their shares in BKMS and use the fund they’ll get from selling to invest to a core business as terminal operator. This step is done to prevent further loss if BKMS failed to achieve their target income that cause BKMS to fail in giving profit again.


Endot said in 2018, PT BJTI will invest in the development of PT Berlian Manyar Sejahtera (BMS), another subsidiary of PT BJTI that work in the field of port. PT BJTI will invest in the construction of new port, procurement of harbour mobile crane, construction of talud, and to prepare other supporting land as the part of the development of BMS port. The fund needed to invest in BMS will amount to around IDR 1.3 Trillion (USD 89 Million), and it will come from the sales of their shares in BKMS, said Endot.


Endot said, “For the collaboration in BMS, 60% will come from PT BJTI, 40% will com from UEPN, a subsidiary of AKR will continue”. PT BJTI also plans to develop Marina Boom Banyuwangi and Benoa Marina.


Source:


  1. http://translogtoday.com/2018/08/24/bjti-port-lepas-seluruh-saham-di-bkms
  2. https://finance.detik.com/bursa-dan-valas/d-4179680/bjti-port-anak-usaha-pelindo-iii-divestasi-saham-bkms
  3. https://industri.kontan.co.id/news/bjti-port-akan-divestasi-saham-di-perusahaan-patungan-dengan-akr-corporindo
  4. http://oceanweek.co.id/bjti-akan-divestasi-saham-bkms/
  5. http://www.expostnews.com/ekbis/keuangan-investasi/item/3425-di-luar-proyeksi-bjti-port-jual-saham-anak-usaha-akr


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