BI / exchange
Irvin Avriano A.
Kertas Basuki Rachmat reduce rights issue to IDR596.85 bio
JAKARTA: PT Kertas Basuki Rachmat Indonesia Tbk plans to reduce the value of its rights issue plan worth IDR604.29 billion to IDR596.85 bio.
In the company revised prospectus published today indicated the allocation of funds for working capital of the company fell from IDR9.41 bio, which was announced in the previous prospectus, to IDR1.97 bio.
The majority of funds from the issuance of the company new shares will still be used to pay off its debt to Quest Corporation amounting to IDR544.87 bio. The company also plans to use the rights issue funds to pay costs to restructure its debt to the Quest of IDR50 bio.
The company's old prospectus indicated the portion of the existing shareholders of the company could be diluted at a maximum of 75.61% if not execute its preemptive rights and warrants that will issued by the company.
However, in the revised of the new prospectus not show the potential reduction in ownership portion of the of investors after the rights issue executed.
The paper producer also has appointed PT Henan Putihrai as its standby buyer, which refers to the investors who managed under the securities company.
In that corporate action, the company issued a total of 5.98 bio C series new shares with a nominal value of IDR100 and IDR101 offering price per share. The value of new stock is as much as 75.61% of the total shares of the company.
The company also issued a total of 199.43 million IInd warrants. The warrants were valued at IDR20.94 bio with a nominal value of IDR100 and IDR105 offered value.