Nomor : 055/MDLN-DIR/IX/2021 Jakarta, 07 September 2021 Lampiran : -
Perihal : Laporan Informasi atau Fakta Material
Kepada Yth.
1. OTORITAS JASA KEUANGAN (“OJK”) Gedung Soemitro Djojohadikusumo
Jl. Lapangan Banteng Timur No. 2-4, Jakarta 10710 Up.: Kepala Eksekutif Pengawas Pasar Modal 2. BURSA EFEK INDONESIA
Indonesia Stock Exchange Building, Tower I Jl. Jend. Sudirman Kav. 52–53, Jakarta 12190 Up.: Direktur Penilaian Perusahaan
Dengan hormat, Kami merujuk pada:
• Peraturan OJK No. 31/POJK.04/2015 tentang Keterbukaan Informasi atau Fakta Material oleh Emiten atau Perusahaan Publik; dan
• Surat Keputusan Direksi PT Bursa Efek Indonesia No. Kep-00015/BEI/01-2021 tentang Perubahan Peraturan Nomor I-E tentang Kewajiban Penyampaian Informasi.
Dengan ini kami untuk dan atas nama perusahaan menyampaikan keterbukaan Informasi atau Fakta Material sebagai berikut:
Nama Emiten atau Perusahaan Publik : PT Modernland Realty Tbk (“Perseroan”);
Bidang Usaha : Berusaha dalam bidang pembangunan dan pengelolaan perumahan serta investasi sehubungan dengan perusahaan property;
Telepon : (021) 293 65888;
Faksimili : (021) 293 69999;
Alamat surat elektronik (e-mail) : [email protected] 1. Tanggal Kejadian 03 September 2021.
2. Jenis Informasi atau Fakta Material
Pada 30 Agustus 2021, Pengadilan Tinggi Singapura menyetujui Scheme of Arrangement (“Scheme of Arrangement”) yang diusulkan oleh JGC Ventures Pte. Ltd. (“JGC Ventures”) berdasarkan Section 71 of the Singapore Insolvency, Restructuring and Dissolution Act 2018 (No. 40 of 2018) (“Sanction Order”). Pada 03 September 2021, Sanction Order tersebut yang dicantumkan pada Singapore Registrar of Companies telah berlaku efektif.
3. Uraian Informasi atau Fakta Material
a. Pada 2018, JGC Ventures merupakan anak perusahaan Perseroan yang telah menerbitkan 10,75% Guaranteed Senior Notes Due 2021 (“Notes”) yang terdaftar pada Singapore Exchange. Ringkasan terkait Notes sebagaimana berikut:
i. Nilai Notes : US$150,000,000; ii. Jatuh tempo : 30 Agustus 2021. iii. Periode bunga : setiap 6 bulan
(semi-annually); iv. Tanggal kupon pertama
yang belum dibayarkan
: 31 Agustus 2020.
Perseroan dan berbagai entitas anaknya memberikan jaminan perusahaan, berdasarkan penerbitan Notes.
Hasil penerbitan Notes sepenuhnya diberikan oleh JGC Ventures kepada MDLN Holdings Pte. Ltd. (entitas anak JGC Ventures dengan kepemilikan tunggal, “MDLN Holdings”) dalam bentuk pinjaman antar perusahaan (“Pinjaman Antar Perusahaan 1”). Hasil tersebut selanjutnya diberikan oleh MDLN Holdings kepada Perseroan dalam bentuk pinjaman antar perusahaan kepada Perseroan (“Pinjaman Antar Perusahaan 2”).
JGC Ventures bergantung pada dividen dan distribusi dari MDLN Holdings serta pembayaran yang diterima dari MDLN Holdings berdasarkan Pinjaman Antar Perusahaan 1 untuk memenuhi kewajiban pembayarannya berdasarkan Notes, sedangkan kemampuan MDLN Holdings untuk melakukan pembayaran pinjaman, pemberian dividen dan distribusi kepada JGC Ventures adalah bergantung pada pembayaran yang diterima dari Perseroan berdasarkan Pinjaman Antar Perusahaan 2.
Sumber dana utama Perseroan untuk melakukan pembayaran berdasarkan Pinjaman Antar Perusahaan 2 kepada MDLN Holdings berasal dari kegiatan usaha Perseroan dan anak-anak perusahaannya.
Di dalam penerbitan Notes ini tidak terdapat hubungan afiliasi antara (i) Perseroan (termasuk JGC Ventures dan MDLN Holdings) dengan (ii) para pemegang Notes.
b. Perseroan terdampak kesulitan likuiditas yang selanjutnya mengganggu kemampuan JGC Ventures untuk memenuhi kewajiban pembayarannya sehubungan dengan Notes. Kesulitan
likuiditas pada prinsipnya dikarenakan pandemi COVID-19 di Indonesia pada khususnya dan di dunia pada umumnya, yang telah secara material memberikan dampak buruk terhadap bisnis dan cash flow Perseroan (serta anak-anak perusahaannya).
c. Pada 25 Juni 2021, JGC Ventures memberikan pengumuman mengenai pengajuan rencana restrukturisasi sebagaimana dicantumkan di dalam Scheme of Arrangement.
d. Scheme of Arrangement dari JGC Ventures telah mendapatkan persetujuan dari 100% Scheme Creditors (yang mewakili 100% dari Notes yang memberikan voting).
e. Pada 30 Agustus 2021, Pengadilan Tinggi Singapura menyetujui Scheme of Arrangement sebagaimana diusulkan oleh JGC Ventures.
f. Pada 03 September 2021, Sanction Order telah dicantumkan pada Singapore Registrar of Companies. Selanjutnya, berdasarkan Section 71(10) of the Singapore Insolvency, Restructuring and Dissolution Act 2018 (No. 40 of 2018), Sanction Order berlaku efektif pada tanggal 03 September 2021.
g. Ketentuan utama rencana Scheme of Arrangement dari JGC Ventures adalah sebagai berikut:
i. Tanggal Efektif Restruktursasi
: Selambatnya 31 Desember 2021 (dengan tunduk ketentuan perpanjangan berdasarkan ketentuan dalam Scheme of Arrangement);
ii. Jatuh Tempo : 30 Juni 2025; iii. Perhitungan
Bunga (Coupon)
: Bunga per tahun:
- 2021: dalam bentuk uang sebesar 0% dan non-uang (notes tambahan) / Payment in Kind (PIK) sebesar 3%;
- 2022: dalam bentuk uang sebesar 1% dan non-uang (notes tambahan) / Payment in Kind (PIK) sebesar 3%;
- 2023: dalam bentuk uang sebesar 2% dan non-uang (notes tambahan) / Payment in Kind
(PIK) sebesar 3%;
- 2024 sampai jatuh tempo: dalam bentuk uang sebesar 3% dan non-uang (notes tambahan) / Payment in Kind (PIK) sebesar 3%;
iv. Waktu Pembayaran Bunga
: Setiap 6 bulan (Semi-annually);
v. Janji Penjualan Aset
: Perseroan untuk menjual beberapa aset:
- pada atau sebelum 30 Juni 2023 sebesar US$40 juta; dan - pada atau sebelum 31
Desember 2024 sebesar US$160 juta,
yang mana 75% dari hasil dana penjualan tersebut akan ditransfer ke dalam rekening escrow yang telah ditentukan yang penerapannya sesuai dengan ketentuan pada amended Notes;
vi. Jaminan Tambahan
: Hak Tanggungan dan fidusia atas beberapa aset properti Perseroan (atau anak-anak perusahaannya) serta gadai rekening escrow atas hasil dana (jika ada) sehubungan dengan penjual aset Perseroan; vii. Pembelian
Kembali dan Opsi Penebusan
: Pada setiap waktu sebelum jatuh tempo atas amended Notes, JGC Ventures dengan opsinya sendiri, dapat mengajukan penawaran untuk membeli amended Notes pada harga pembelian di bawah par (termasuk melalui Reverse Dutch Auction) atau memiliki hak untuk menebus amended Notes, baik seluruhnya atau sebagian, pada harga penebusan dengan ketentuan-ketentuan yang sebagaimana diatur lebih rinci lebih lanjut di dalam dokumen
restrukturisasi terkait.
viii. Ketentuan lain : Segala ketentuan lain akan dicantumkan di dalam dokumen restrukturiasi.
4. Dampak Kejadian, Informasi atau Fakta Material tersebut terhadap Kegiatan Operasional,
Hukum, Kondisi
Keuangan, atau
Kelangsungan Usaha Emiten atau Perusahaan Publik
Manajemen Perseroan memandang bahwa hal-hal tersebut di atas diharapkan dapat berdampak positif terhadap cash flow dan likuiditas Perseroan serta kemampuan JGC Ventures dalam melakukan pemenuhan kewajiban berdasarkan Notes.
5. Keterangan Lain Berbagai ketentuan terhadap rencana restrukturisasi berdasarkan Scheme of Arrangement tersebut tunduk pada persetujuan Rapat Umum Pemegang Saham Luar Biasa Perseroan yang rencananya akan dilaksanakan tahun ini.
Demikian keterbukaan Informasi dan Fakta Material ini disampaikan. Terima kasih atas perhatiannya. PT MODERNLAND REALTY TBK
Number : 055/MDLN-DIR/IX/2021 Jakarta, 07 September 2021 Attachment : -
Regarding : Report of Material Information or Fact
To:
1. OTORITAS JASA KEUANGAN (“OJK”) Gedung Soemitro Djojohadikusumo
Jl. Lapangan Banteng Timur No 2-4, Jakarta 10710
Attention.: Chief Executive of Capital Market Supervisory Board 2. BURSA EFEK INDONESIA
Indonesia Stock Exchange Building, Tower I Jl. Jend. Sudirman Kav. 52–53, Jakarta 12190 Attention.: Director of Corporate Evaluation Dear Sir/Madam,
We refer to:
• OJK Regulation No. 31/POJK.04/2015 regarding Disclosure of Material Information or Fact Disclosure by an Issuer or a Public Company; and
• Decree of the Board of Directors of PT Bursa Efek Indonesia No. Kep-00015/BEI/01-2021 regarding the Amendment of Regulation Number I-E on the Obligations to Submit Information. We hereby for and on behalf of the company provide the following disclosure of Material Information or Fact:
Name of Issuer or Public Company : PT Modernland Realty Tbk (the “Company”);
Line of Business : Engaged in the fields of housing development and management, as well as investments related to property business;
Phone : (021) 293 65888;
Facsimile : (021) 293 69999;
Email address : [email protected]
1. Date of Event 03 September 2021 2. Type of Material
Information or Fact
On 30 August 2021, the High Court of Singapore sanctioned the scheme of arrangement (the “Scheme of Arrangement”) proposed by JGC Ventures Pte. Ltd. (“JGC Ventures”) under Section 71 of the Singapore Insolvency, Restructuring and Dissolution Act 2018 (No. 40 of 2018) (the “Sanction Order”). On 03 September 2021, the said Sanction Order was lodged with the Singapore Registrar of Companies and took effect.
3. Description of Material Information
a. In 2018, JGC Ventures, a subsidiary of the Company issued the 10.75% Guaranteed Senior Notes Due 2021 (the “Notes”) which are listed on the
or Fact Singapore Exchange. A summary of the Notes is set out below: i. Notes total principal
value
: US$150,000,000; ii. Maturity date : 30 August 2021;
iii. Interest period : Every 6 months (semi-annually); iv. Date of first coupon
payment that was not paid
: 31 August 2020
The Company and several of its subsidiaries provided corporate guarantees, pursuant to the issuance of the Notes.
The proceeds of the Notes issuance were fully provided by JGC Ventures to MDLN Holdings Pte. Ltd. (a subsidiary of JGC Ventures with sole ownership, “MDLN Holdings”) in the form of an intercompany loan (“Intercompany Loan 1”). The proceeds were in turn provided by MDLN Holdings to the Company in the form of a separate intercompany loan (“Intercompany Loan 2”).
JGC Ventures is reliant on any dividends and distributions from MDLN Holdings and on the payments that it receives from MDLN Holdings pursuant to Intercompany Loan 1 in order to fulfil its payment obligations under the Notes, while MDLN Holdings' capability to make loan payments, dividends and distributions to JGC Ventures is dependent on payments that it receives from the Company under the Intercompany Loan 2.
The Company's main source of funds for making payments under Intercompany Loan 2 to MDLN Holdings comes from the business activities of the Company and its subsidiaries.
In this Notes issuance, there is no affiliated relationship between (i) the Company (including JGC Ventures and MDLN Holdings) and (ii) the holders of the Notes.
b. The Company is subject to liquidity difficulties which have, in turn, disrupted the ability of JGC Ventures to fulfill its payment obligations in connection with the Notes. These liquidity difficulties are principally related to the COVID-19 pandemic specifically in Indonesia and generally worldwide, which has materially and adversely affected the business and cash flows of the Company (and its subsidiaries).
restructuring as set out in the Scheme of Arrangement.
d. JGC Ventures’ Scheme of Arrangement was ultimately approved by 100% of Scheme Creditors (representing 100% of total amount of Notes voted).
e. On 30 August 2021, the High Court of Singapore sanctioned the Scheme of Arrangement proposed by JGC Ventures.
f. On 03 September 2021, the Sanction Order was lodged with the Singapore Registrar of Companies. Accordingly, pursuant to Section 71(10) of the Singapore Insolvency, Restructuring and Dissolution Act 2018 (No. 40 of 2018), the Sanction Order took effect on 03 September 2021.
g. The main terms of JGC Ventures’ proposed Scheme of Arrangement is as follows:
i. Restructuring Effective Date
: No later than 31 December 2021 (subject to any extension provisions under the terms of the Scheme of Arrangement);
ii. Maturity date : 30 June 2025; iii. Interest
Calculation (Coupon)
: Interest per annum:
- 2021: in cash at 0% and non-cash (additional notes)/ Payment in Kind (PIK) at 3%;
- 2022: 1% in cash and 3% in non-cash (additional notes) Payment in Kind (PIK);
- 2023: 2% in cash and 3% in non-cash (additional notes) Payment in Kind (PIK);
- 2024 until maturity: in cash at 3% and non-cash (additional notes) / Payment in Kind (PIK) at 3%;
iv. Interest Payment Date
: Semi-annually; v. Undertaking to
Sell Assets
: The Company to sell certain assets:
- on or prior to 30 June 2023 amounting to US$40 million;
and
- on or prior to 31 December 2024 amounting to US$160 million,
in which 75% of the proceeds from the sale shall be transferred to a designated escrow account to be applied in accordance with the terms of the amended Notes; vi. Additional
Security to be Granted
: Hak Tanggunan and fiducia on certain real estate assets of the Company (or its subsidiaries) as well as pledge over designated escrow account containing proceeds (if any) in connection with the sale of the Company's certain assets;
vii. Repurchase and Optional
Redemption
At any time prior to the maturity date of the amended Notes, JGC Ventures may at its option, make an offer to purchase the amended Notes at a purchase price below par (including via a Reverse Dutch Auction), or have the right to redeem the amended Notes, in whole or in part, at a redemption price under the provisions as detailed in the relevant restructuring documents.
viii. Other terms : Other terms and provisions will be included in the restructuring documents. 4. Implication of Event, Such Material Information or Fact on the Operational, Legal, Financial Condition or Business Continuity of the Issuer or the Public Company
The management of the Company are of the view that the above matters are expected to have a positive impact on the cash flow and liquidity of the Company as well as JGC Ventures’ ability to fulfill its obligations under the Notes.
5. Other Information Certain provisions on the proposed restructuring under the Scheme of Arrangement remain subject to approval from the Company's
Extraordinary General Meeting of Shareholders which is expected to be held this year.
Please be informed accordingly of this disclosure of Material Information or Fact. Thank you for your kind attention.
PT MODERNLAND REALTY TBK The Board of Directors
