CORPORATE ACTION - JAKARTA. Chemical manufacturer PT Tridomain Performance Materials Tbk (TDPM) plans to change its company name to PT Tianrong Chemical Industri Tbk.
The plan was conveyed by TDPM management on Monday (26/2) in a disclosure of information at the Indonesia Stock Exchange (IDX). This name change will be included in the Extraordinary General Meeting of Shareholders (EGMS).
If there are no obstacles, TDPM will hold the EGMS on March 28, 2024. The name change of this company is a request from the majority shareholders of TDPM.
DH Corporation Ltd, formerly known as Royal Chemie Corporation Limited, is recorded as the controlling shareholder of TDPM. It is known that DH Corporation Ltd holds 72.51% of TDPM shares.
Meanwhile, the remaining 27.49% or 2.88 billion shares are circulated in the public. Until the end of trading on Monday (26/2), TDPM parked at the level of Rp 119 per share or flat compared to the previous closing.
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Just so you know, TDPM is currently in the process of fulfilling the Postponement of Debt Payment Obligations (PKPU). Currently, TDPM has two active subsidiaries, namely PT Tridomain Chemicals and PT Petronika.
Currently, both TDPM subsidiaries have not yet reached maximum capacity. For example, the capacity of Tridomain Chemicals is currently only 4,000 metric tons per year.
Whereas the full capacity of Tridomain Chemicals reaches 12,000 metric tons per year. The same goes for Petronika's capacity, which is only 25,000 metric tons per year out of a total full capacity of 40,000 metric tons per year.
The plan is, in 2024 TDPM will increase the capacity of both our subsidiaries. Later, the capacity of Tridomain Chemicals will increase to 8,000 metric tons per year.
With the increase in product capacity, it is expected that the contribution from the two subsidiaries can increase. In line with this, TPDM is targeting EBITDA to be in the position of US$ 4 million–US$ 4.5 million.
