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Palm Oil Company, PT Eterindo Wahanatama Tbk., Was Declared Bankruptcy

Special doc./One biodiesel factory of PT Eterindo Wahanatama Tbk.
Palm Oil Company, PT Eterindo Wahanatama Tbk., Was Declared Bankruptcy

InfoSAWIT, JAKARTA — On Friday, 26 January 2024, Court of Central Jakarta declared that PT Eterindo Wahanatama Tbk. (ETWA) was bankrupt after it was claimed to Bankruptcy Application for Postponement of Debt Payment Obligations or Permohonan Kepailitan Penundaan Kewajiban Pembayaran Utang (PKPU) by PT Bank Rakyat Indonesia Tbk. (BBRI).

It was written on daily newspaper, Bisnis Indonesia on Friday as it quoted from the sentence of Commercial Court of Central Jakarta Number 300/Pdt.Sus-PKPU/PN.Niaga.Jkt.Pst on 23 January 2023. The treasures of the palm oil plantation company would be discussed in a meeting with the first creditor on 6 February 2024 in the Court of Central Jakarta with the bill submission on 13 February 2024.

Management of ETWA delivered about the company’s financial issue through official documents to Bursa Efek Indonesia (BEI) in November 2023. They explained that the company was in PKPU process since 1 November 2023 as the response to PKPU proposal by PT BBRI. Besides ETWA, its three subsidiaries - PT Anugerahinti Gemanusa, PT Maiska Bhumi Semesta, and PT Malindo Persada Khatulistiwa, got the impacts and in bankruptcy.

Operating since 1992, the company operated palm oil plantations, biodiesel, and chemical products. ETWA got is initial public offering in 1997 with the code ETWA. In 1999, they got right issue, and multiplied the stocks in the exchange to be 968,29 million stocks.

In 2009, ETWA started investing in two subsidiaries in West Kalimantan, they were, Malindo Persada Khatulistiwa and Maiska Bhumi Semesta. The two started producing fresh fruit bunch (FFB) in 2013. ETWA successfully escalated biodiesel trade in 2014, got business rights for its subsidiary in District of Landak, West Kalimantan Province.

Though the stocks of ETWA once hit the highest price of all time in March 2023 at Rp 360 per stock, it significantly got cheaper and when it was announced bankrupt, it had Rp 92 per stock, decreased 38,67% year-on-year (YoY).

The stock management of ETWA, PT Mordred Investama Indonesia mastered 79,26% (of the capital) while the rests belonged to the civil.

According to the note, the upstream sector of the company had palm oil plantations that laid about 28.300 hectares for the main company and plasma, according t business rights in 2015; the downstream sector of the company had biodiesel mill within 140.000 metric tons capacity per year within national and international scale – standards. (T2)