PT Eterindo Wahanatama Tbk. was Declared Bankrupt by the Central Jakarta District Court

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One of the biodiesel plants of PT Eterindo Wahanatama Tbk. Photo: Special

PALMOILMAGAZINE, JAKARTA — On January 26, 2024, the Central Jakarta Court declared PT Eterindo Wahanatama Tbk. (ETWA) bankrupt following the submission of a Bankruptcy Application for Postponement of Debt Payment Obligations (PKPU) by PT Bank Rakyat Indonesia Tbk. (BBRI).

This information was reported in the Bisnis Indonesia daily newspaper on the same day, citing the Commercial Court of Central Jakarta’s verdict with reference number 300/Pdt.Sus-PKPU/PN.Niaga.Jkt.Pst dated January 23, 2023.

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The assets of the palm oil plantation company will be deliberated in a meeting with the primary creditor scheduled for February 6, 2024, at the Central Jakarta Court, and the bill submission is set for February 13, 2024.

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ETWA’s management had officially communicated the company’s financial challenges to the Indonesia Stock Exchange (BEI) in November 2023. They disclosed that the company had been undergoing the PKPU process since November 1, 2023, in response to PT BBRI’s PKPU proposal. Notably, the adverse effects of this situation have also impacted ETWA’s three subsidiaries: PT Anugerahinti Gemanusa, PT Maiska Bhumi Semesta, and PT Malindo Persada Khatulistiwa, leading them to face 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.

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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)

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