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Saturday, August 27, 2011

Central Omega will issue IDR1.02 trio rights and warrant

Irvin Avriano A.

Central Omega will issue IDR1.02 trio rights and warrant

JAKARTA: PT Central Omega Resources Tbk, mining listed company that used to be known as multifinance company called PT Duta Kirana Finance Tbk, will issue new securities worth IDR1.02 trillion by issuing a preemptive rights (hak memesan efek terlebih dahulu/HMETD) and warrant as its rights issue I/2011.

Central Omega information disclosure published in newspaper today showed the company, which shares coded as DKFT, will held rights issue worth IDR983.73 bio that will issue as much as 983.73 million new shares which have nominal value IDR500 and with execution price IDR1,000. Every 1 existing shareholder have a rights to keep 9 news shares that will be issued.

The company also will issue 36.42 mio warrant worth IDR45.54 bio as incentive to investors which execute his rights with portion every 27 rights for 1 warrant. As the result from the announcement, today their shares suspended again by the Indonesia Stock Exchange (IDX/Bursa Efek Indonesia) for the second time after August 22nd.

The company will use half of their gathered fund in the rights issue to create a new company that will process their company mining products, especially which came from Central Omega subsidiary.

The rest 30% of the rights issue fund will be used as capital expenditure and the other 20% allocated as working capital.

Acting as the standby buyer in such corporate action is holders of 80% Central Omega shares, namely PT Jinsheng Mining, whose will absord any unexecuted rights.

The absorbing wil diluted portion of shares investors ownership 90% after rights issue has been done and 90,32% after all warrant issued since April 2012 until October 2014.

Those announcement makes the company's shares trading suspended by the stock authority management after the equity appreciated 24.31% or IDR445 to IDR2,275 level on August 24th from IDR1,830 the day before.

The trading suspension has been charged previously on August 22nd because its price already strengthened 209.47% or IDR995 to IDR1,470 on August 19th from IDR475 on August 9th.

The company which commandeered by Kiki Hamidjaja owned manganese, nickel, copper, and coal mining through its two subsidiaries namely PT Mulia Pacific Resources and PT Mega Buana Resources. Both operated in Morowali & Konawe Utara in Sulawesi Tenggara, Halmahera Utara in Maluku Utara, also Amfoang Selatan in NTT.

Mulia Pacific owned five mining 18,784 hectares areas which divided into 12,382 hectares nickel in Halmahera Timur, Petasia in Morowali, Bungku Selatan in Morowali, and 4,402 hectares copper in two location in Halmahera Timur. In Amfoang, Mulia Pacific 2,000 hectares mining areas produce nickel and copper at once.

In other hand, Mega Buana owned two nickel in Morowali with total areas 16,816 hectares namely in Bumi Raya and Lembo.

Besides the two companies, Mega Buana and Mulia Pacific owned 50% shares respectively in PT Bumi Konawe Abadi which based in Ponasia, Kendari, that formed Bumi Konawe as Central Omega's second layer subsidiary with total areas of arable 876.6 hectares.

In the prospectus, the company also report there is reported a repayment of debt which came from factoring action worth IDR13 bio on April 19th. Central Omega also reported nickel sales from its subsidiaries has reached 431,920 metric tonnes worth IDR155 bio until the end of July.

The last shares price position formed it market cap IDR248.67 bio and also formed its price to earnings ratio (PER) 6.51 times.



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