DEAL Rights Issue 280 Million Shares
Logistics and transportation issuers Dewata Freight International, Tbk (DEAL IJ) planned to increase its with rights issue (Hak Memegang Efek Terlebih Dahulu/ HMETD) by publishing as many 280 million new shares. According to prospectus published on the Indonesia Stock Exchange (IDX), the DEAL has yet to disclose the exercise price of the rights issue.
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The company only determine the amount of new shares with a nominal value of IDR100/share. “Rights issue price will be determined later, “said the company management on Thursday (11/4/2019). Data on IDX noted, this Thursday, trading at an average share price of the DEAL was at the level of IDR1.322/share with a market capitalization of IDR1.46Trn. Assuming an average price, then the company could have pocketed the funds up to IDR370.16Bn.
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“The company intends to carry out and complete a capital increase by giving rights issue in a reasonable period of time to do, but not more than 12 months from the date of receipt of the approval of extraordinary shareholders general meeting (Rapat Umum Pemegang Saham Luar Biasa/ RUPSLB), “added management. A rights issue plan will increase capital placed and paid in full in the company of about 20% of the capital paid in full and placed after the execution of corporate actions.
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The company intends to use all the funds for the acquisition of rights issue this 51% shares of Atlas Dayana Kapital (ADK) belonged to Rico Rustombi dan Deddy Happy Hardi, which had been off from ADK. Acquisition of shares of ADK is done with reasonable market value in accordance with the judgment of the independent assessor.
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In addition, rights issue proceed also will be used as a paid up capital to ADK, and the rest for ADK deposit of capital into the company of the subsidiary, namely Baruna Berkah Adhiguna (BBA). “Put the rest of it is used for working capital. The implementation of the rights issue it would be implemented after getting approval from RUPSLB outstanding and effective statement from Financial Services Authority (FSA), “added management.
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The schedule of the company’s EGM will be held on May 15, 2019. Last year, the company’s management also revealed the middle of preparing for participating in the execution of the project logistics and transportation for oil and gas in neighboring countries, Brunei Darussalam. The work of this project will be done the company cooperate with the Brunei state owned enterprise (SOE).
