GGRM Increases Capital of Subsidiary to Support Construction of Kediri-Tulungagung Toll Road

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- PT Gudang Garam Tbk (GGRM), one of Indonesia's leading tobacco companies, announced today that it will be increasing the capital of its subsidiary, PT Surya Kerta Agung (SKA), by IDR 7 trillion (approximately USD 500 million). 

The capital injection is being made in order to support GGRM's plans to construct the Kediri-Tulungagung Toll Road, which will be built through SKA and its subsidiary, PT Surya Kertaagung Toll (SKT).

Heru Budiman, the Secretary of GGRM, explained that SKA is a controlled and affiliated company of GGRM, with GGRM owning 99.99% of its shares. "The affiliated transaction between the Company and SKA is the purchase of new shares issued by SKA, amounting to 7 million shares, with additional capital injection by the Company amounting to IDR 7 trillion," Budiman said in a press release.

He added that this means that the capital placed and contributed by SKA, which was originally IDR 1 trillion, will increase to IDR 8 trillion. Furthermore, the current authorized capital of SKA, which is IDR 3 trillion, will also be increased to IDR 8 trillion. "The capital injection will be made in stages, beginning in January 2023," Budiman said.

Budiman also stated that the change in SKA's capital is in accordance with the decision made by the shareholders outside of the general shareholders' meeting (circular decision) of SKA dated January 9, 2023, which will be reflected in the amended articles of association of SKA.

"The affiliated transaction that aims to increase the capital of SKA is being carried out to support the implementation of the Kediri-Tulungagung Toll Road project in East Java, which will be constructed by the Company through SKA and PT Surya Kertaagung Toll," Budiman concluded.

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