Plantation company PT Bakrie Sumatera Plantations said in a prospectus Tuesday that it plans to issue 9.47 billion rights shares on Jan. 18, priced at IDR525 each, raising around IDR4.97 trillion ($518 million).
Shareholders with every two existing shares recorded as on Jan. 29, are eligible to buy five rights shares, the company said.
It said it will give one warrant, priced at IDR530, for every 15 rights shares. The number of warrants is 631.33 million.
Shareholders who don't subscribe to the rights issue will be diluted by up to 72.73%.
Diversified holding company PT Bakrie & Brothers owns a 14.80% stake in Bakrie Sumatra, while the remaining is held by the public.
Bakrie Sumatera said 64.9% of net proceeds from the rights issue will be used to acquire a 100% stake in unlisted plantation company PT Domas Agrointi Prima; a 100% stake in unlisted South Kalimantan-based palm oil company PT Monrad Intan Barakat; a 100% stake in unlisted Bengkulu-based rubber producer PT Julang Oca Permana; and a 100% stake in unlisted palm oil company PT Citalaras Cipta Indonesia.
It said 25.7% of the proceeds from the rights will also be used to develop its plantation business and the remaining 9.4% to strengthen its working capital.
The company will hold a meeting of shareholders on Jan. 18, to approve the rights issue plan.
The new shares will be listed on the Indonesia Stock Exchange on Feb. 1.
PT Danatama Makmur will act as standby buyer for the rights shares that aren't bought by shareholders.
(Source: irco.biz)
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