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Wednesday, October 20, 2010

Basuki Rachmat eyes IDR604.29 bio from rights issue

BI/exchange
20/10/2010
Irvin Avriano A.
Bisnis Indonesia

Basuki Rachmat eyes IDR604.29 bio from rights issue

JAKARTA: PT Kertas Basuki Rachmat Indonesia Tbk eyes IDR604,29 billion from their rights issue plan by issuing C series of new shares of to the market at the end of next month.

In the prospectus the company issued today stated the funds from the new shares issuance will be used to repay its debt to Quest Corporation amounting to IDR544.87 billion.

"Acting as the standby buyer is PT Henan Putihrai," said Kertas Basuki Rachmat President Director Glenn M. S. Yusuf in the prospectus.

The data also showed the portion of the current shareholders of the company can be diluted at a maximum of 75.61% if not execute the preemptive rights and warrants that will also issued by the company.

The company also plans to use the rights issue funds to pay costs to restructure its debt to the Quest Corporation by IDR50 billion and IDR9.41 for additional working capital for the company and its subsidiary.

The company shares that coded KBRI weakened 4% to IDR96 and formed its market capitalization to IDR185.28 billion.

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