Indocitra plans rights issue IDR3.6 trillion

BI/bursa

7/10/2010

By: Irvin Avriano A. & Dewi Idam Sari (16)

Bisnis Indonesia

Indocitra plans rights issue IDR3.6 trillion

JAKARTA (Bisnis.com): PT Indocitra Finance Tbk plans to held a limited public offering (rights issue) with the rights of preemptive of 1.44 billion shares worth of IDR3.6 trillion.

Indocitra Finance management said in a statement to Indonesia Stock Exchange (IDX/PT Bursa Efek Indonesia) this morning that they will present the rights issue plan in extraordinary general meeting of shareholders (EGM) which will be held on November 10th.

The company's management announces that the new shares will be sold at nominal value IDR500 per share and will be offered by Rp2,500 price per share.

As much as 76.39% of the funds from the rights issue, or amounting to IDR2.75 trillion will be used to order 99.65% from Amstelco Plc new shares issuance, or as much as 20 billion shares.

Amstelco is an investment company based in the UK. Amstelco is currently focusing on the natural resources, oil and gas, and mining sectors, directing its attention on expansion in Asia. Amstelco with PT Northstar Pacific Indonesia noted is seeking opportunity to acquire 10% stake in PT Newmont Nusa Tenggara (NNT) last year.

Also as much as 0.0278% of the funds will be used to acquire 99.99% stake in PT Amstelco Energy Resources, or 999,999 shares of par value of IDR1,000 per share.

Furthermore 23.58% of the remaining funds will be used for working capital and rights issue emission cost.

The emitters, in the EGM agenda, also seek arrpoval from its investors to increase the paid up capital of IDR50 billion to IDR5 trillion.

The company's paid-in capital will be jacked up from 48 million shares total nominal value of IDR24 billion, to a number of 1.48 billion shares worth of IDR744 billion.

After the rights issue, the company also intends to release as much as 10% of shares within 12 months.

The emitters was also planned to change its name to PT Amstelco Indonesia Tbk and replace the previous business of multifinancing company into general trading sector.

The company's shares that coded INCF stagnant at IDR770 level this afternoon and establish its market capitalization to IDR36.96 billion.(YUS)