Delisted from the IDX, How is Bentoel Cigarette Producer's Financial Condition?

The Indonesia Stock Exchange (IDX) officially delisted PT Bentoel Internasional Investama Tbk's shares today, Tuesday (16/1/2024).

According to its financial statements, the cigarette manufacturer recorded revenue of Rp4.31 trillion in the first six months of 2023.

This figure is up 27.37% year-on-year (yoy) from Rp3.38 trillion in the first half of 2022.

The increase in sales was driven by a 40.60% yoy increase in third-party sales to Rp3.10 trillion in the first half of 2023. In the same period of 2022, third-party sales were only Rp2.20 trillion.

Sales to related parties amounted to Rp1.20 trillion in the first half of 2023, up 2.63% (yoy) from Rp1.17 trillion previously.

Meanwhile, the company's net profit was recorded at Rp35.49 billion in the first half of 2022, soaring 121.83% (yoy) from Rp16 billion in the first half of 2022.

Based on these achievements, basic earnings per share for the first half of 2023 amounted to Rp0.98, up from Rp0.44 per share in the first half of 2022.

The assets of the issuer with the code RMBA reached Rp9.33 trillion in the first half of 2023, up 5.08% (yoy) from Rp8.87 trillion in December 2022.

Bentoel's liabilities and equity were Rp2.56 trillion and Rp6.77 trillion, respectively, in the first half of 2023.

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According to Katadata, Bentoel has been listed on the exchange since 1990, almost 34 years. The company, part of British American Tobacco (BAT), was also the first kretek cigarette producer to be listed as a public company.

"The Exchange approved the delisting of the company's securities from the Indonesia Stock Exchange, effective Tuesday, January 16, 2024," wrote Rina Hadriyani, Head of Company Valuation Division I, and Pande Made Kusuma Ari A, Head of Trading Regulation and Operations Division, in their statement, quoted Tuesday (16/1/2024).

With the revocation of the company's status as a listed company, the company no longer has obligations as a listed company. The IDX will also remove the company from the list of listed companies that list their shares on the exchange.

If the company wishes to relist its shares on the IDX, the share listing process can be carried out in accordance with the applicable regulations.

Plans for Bentoel Internasional Investama's delisting have been circulating for several years.

PT Bentoel Internasional Investama Tbk conducted an initial public offering (IPO) of 1.2 million shares, or approximately 31.57%, on March 5, 1990, on the Jakarta Stock Exchange and the Surabaya Stock Exchange. The nominal value of the shares was Rp1,000 with an offering price of Rp3,380 per share, resulting in a total IPO value of Rp4.06 billion.

After the IPO, Bentoel experienced several financial problems. However, in 1991, Rajawali Group intervened by taking over Bentoel's shares and changing the company's name to Bentoel Group.

Thanks to the new management, Bentoel was able to settle its debts and subsequently became PT Bentoel Prima.

Then, on June 17, 2009, BAT officially acquired 99% of Bentoel's shares from Rajawali Corpora, after BAT became a minority owner in Bentoel since 2000.

After being acquired by BAT, on January 1, 2010, Bentoel merged with PT BAT Indonesia Tbk (BATI), another BAT subsidiary.

(Read next: 34 Years as an Issuer, Cigarette Producer Bentoel Officially Leaves the IDX)