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Unitika plans to buy remaining shares of Unitex held by public

YarnsandFibers News Bureau 2015-07-11 14:00:00 – Jakarta

Japanese textile manufacturer Unitika is currently controls a 69.4 percent stake in Unitex, with local property businessmen Henry Onggo owning 9.4 percent and Henry Lohananta controling 8.6 percent, the remaining is held by the public. The Company is offering to pay Rp 4.4 billion ($330,454) for most of the remaining shares it doesn’t own in local unit Unitex, in a move to delist the subsidiary from the Indonesia Stock Exchange.

Unitika has appointed Nikko Securities Indonesia to manage the buy-out, which is scheduled to run from Aug. 11 to Sept. 10. The manufacturer plans to buy 833,285 shares at Rp 5,305 a piece, the company said on Friday.

The figure is 43 percent higher than Unitex’s highest share price in the 90 days prior to April 10, when the company first announced its plans to go private.

Unitex, Bogoar based manufacturer and exporter of polyester and cotton fabrics, has had negative equity — meaning that their asset value falls below outstanding loans — since 2012, according to the prospectus.

The company recorded $20.5 million in sales last year, up slightly from $20 million in 2013. Profit, however, dropped by 66 percent to $586,428 from $1.7 million as the company struggles to cope with rising wages and energy costs.

Unitika is a Japanese company based in Osaka, Japan produces various textiles, glass, plastics, and carbon fiber products. They are also known for their films, which are used in consumer products like athletic apparel and food packaging. Unitika has 46 subsidiary companies across Japan, in Thailand, Vietnam, Indonesia, China, Hong Kong, Brazil and the US.

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