Jakarta - PT Cemindo Gemilang Tbk (CMNT) converted Cemindo Investments Pte Ltd (CI) debt worth US$78 million, or equivalent to Rp1.13 trillion.

Based on the company's information disclosure submitted to the IDX on Wednesday (7/6), the purpose of the transaction is to restructure internally in order to strengthen the capital structure of CI as the company's business entity.

In accordance with the provisions of the share purchase agreement and various other related documents, the company as a bondholder has signed and submitted a conversion notice on June 30, 2022, to CI.

In accordance with the conversion notice, the company will convert the company's receivables to CI into new shares issued by CI.

After the conversion of CI's new shares is effective, the company will own 78 million shares, which is 100% of the shares issued by CI.

Meanwhile, CMNT's current shareholders are WH Investments Pte Ltd with as much as 87.