Resources Global Development to Overhaul Indonesia Structure to Bypass Shipping Ownership Rules

MT Newswires04-30

Resources Global Development (SGX:V7R) is undertaking a multi-step approach for the internal restructuring of its Indonesian Indonesian subsidiaries, according to a Thursday filing with the Singapore Exchange.

Under the move, the Singapore-listed coal trader and shipping firm is looking to consolidate its shipping and logistics assets under Indonesian-listed entity, Paragon Karya Perkasa (IDX:PKPK).

The plan includes the acquisition of a 51% stake in Paragon Karya Perkasa from Deli Putra Bangsa for 979.2 billion Indonesian rupiah. Concurrently, Deli Putra Bangsa will sell 24% of its stake in Paragon Karya Perkasa to Deli Pratama Nusantara for 460.8 billion rupiah.

The consideration amounts will be settled through a contractual chain of debt assignments and set-offs.

Meanwhile, Paragon Karya Perkasa will acquire a stake in Deli Pratama Angkutan Laut from Resources Global Development for 902.2 billion rupiah.

The company is undertaking the restructuring exercise following amendments to Indonesian shipping laws which restricts foreign ownership in shipping companies.

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