PT Star Pacific Tbk plans to restructure its ownership of shares in PT AON Indonesia, with a total transaction value of Rp201.4 billion.

Quoting a brief prospectus quoted on Friday (12/3), through its subsidiary, PT Anggraini Mulia, the company will subscribe to the issuance of 750 new preferred shares by PT Aon Indonesia with a total purchase price of Rp1.4 billion. Anggraini Mulia also will sell 1,500 ordinary shares in PT Aon Indonesia to Aon Corporation Australia Limited (ACAL) with a transaction value of Rp200 billion.

PT Anggraini Mulia is a controlled company where the effective ownership is 99.99%.

To realize this transaction plan, the company will ask for shareholders' approval at the EGM held on March 15, 2021.

Considering the dependence of PT Aon Indonesia's business on the Aon Group, the company considers it is necessary to take strategic steps with PT Aon Indonesia's share ownership. The company plans to implement strategic steps and an opportunity to realize profits from the company's shares in PT Aon Indonesia.

After the transaction plan becomes effective, the company expects to use the share sale plan proceeds to pay off its short-term bank debt, reducing the consolidated financial burden. Thus, this transaction can improve the company's future consolidated financial performance.