Graha Layar Prima Tbk (BLTZ) requested until December 2018 to comply the minimum provision of free floats by 7.5 percent. The public share portion shrank to 0.55 percent post-tender offer by CJ CGV Co Ltd in February 2017.
Kyoung Tae Kim, Director of BLTZ, said significant changes in the company’s shareholding occurred after CJ CGV bought 8.30 percent shares through its subsidiary, IKT Holdings Ltd on December 21, 2016. After the purchase, CJ CGV directly and indirectly owns 51 percent shares and must conduct tender offer.
“The company and its controlling and major shareholders are committed to maintain its status as a listed company and are considering several corporate steps to fulfill the free float requirement,” said Kim.
The company will formulate a corporate action plan by March 2018. Furthermore, the company will conduct a General Meeting of Shareholders (GMS) for approval in June 2018. It is targeted to be implemented in June to December 2018.
The current shareholders are CJ CGV Co Ltd by 22.99 percent, IKT Holdings Limited by 28 percent, Layar Persada by 48.26 percent, and public by 0.74 percent. (*)