After Over a Decade, SCPI Launches New Tender Offer for Delisting
Pharmaceutical issuer PT Organon Pharma Indonesia Tbk (SCPI) has announced a voluntary tender offer (VTO) as part of its plan to go private and delist from the stock exchange. In a disclosure of information, SCPI management explained that the plan for privatization and delisting will be submitted for approval during an Extraordinary General Meeting of Shareholders (EGMS) on Tuesday, 23 June 2026.
If approved at the EGMS, Organon LLC, acting as the majority and controlling shareholder, will purchase shares held by the public through the VTO mechanism. Organon LLC has set the voluntary tender offer price at Rp100,000 per share for public shareholders. This figure is substantially higher than the highest average daily trading price over the last 12 months prior to suspension, which stood at Rp32,063 per share.
The plan to delist SCPI has been in motion for 13 years. The company first announced its intention for a voluntary delisting on 22 March 2013. However, the delisting process has remained unfinished. SCPI shares were officially suspended on 1 February 2013, with a final trading price of Rp29,000 per share.
Under regulations for voluntary delisting, the controlling shareholder must purchase shares from the public at a specified price, whereby public shareholders receive cash and cease to be shareholders of the company. At that time, the 10.8% of SCPI shares held by the public were slated to be purchased at Rp100,000 per share, an action that would have cost the company Rp38.91 billion.
SCPI previously conducted a tender offer between 3 December 2018 and 3 January 2019, offering Rp100,000 per share, but the attempt failed. Out of 46,464 public shares, only 2,800 shares from 471 shareholders were successfully bought back, reducing the public float to 43,664 shares held by 440 parties. Subsequently, the US-based parent company underwent a spin-off, transferring its shares to a new subsidiary, Organon & Co., which reduced the public shareholding to just 1.21%.