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Friday, November 26, 2010

Capitalinc issue non-preemptive rights IDR120 bio

Irvin Avriano A.

Capitalinc issue non-preemptive rights IDR120 bio

JAKARTA: PT Capitalinc Investment Tbk, one of a Recapital Advisors Group company, intends to issue new shares with non-preemptive rights worth 72.87 million shares, with a value of around IDR120 billion.

Capitalinc Director Budi Prihantoro said the company plans to use funds from the nonpreemptive rights to pay off the promissory notes (PN) which is the debt of a subsidiary of the newly acquired oil and gas sector company.

"One of the requirements submitted by investors is that they want the level of our DER [debt to equity ratio] decline from now," he said when contacted this afternoon.

Based on data from the company stock trading today, companies' shares which coded MTFN it closed at IDR1,600, so that the value of the fund raised around the level of IDR116, 59 billion.

In the disclosure of information to the Indonesia Stock Exchange (IDX/PT Bursa Efek Indonesia) today stated the company also has appointed PT Madani Securities as financial advisers.

He said the company also plans to use some funds from the issuance of shares to funding the oil and gas subsidiary. The five blocks newly acquired company is PT Kutai Etam Petroleum, PT Kencana Surya Perkasa, PT Mosesa Petroleum, PT Cahaya Batu Raja Giok, and Greenstar Assets Ltd.

Company, he said, also plans to delay stock split, which previously had scheduled in an extraordinary general meeting of shareholders (EGM) of the company. He also said rights issue is still an option for company to be done early next year.

Capitalinc's stock prices which coded MTFN formed its market capitalization amounted to IDR1.16 trillion.



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