META will rights issue 10%

PT Nusantara Infrastructure (META IJ, Not Rated) will issue 10% of new shares through rights issue. The funds will be used to finance the acquisition of 3,500 units of PT XL Axiata’s (EXCL IJ, BUY, TP: IDR6,300) tower and other expansion. Rights issue offer price will be at IDR250/share, so META will receive around IDR380bn of fresh funds from the rights issue. However, this corporate action will be discussed during EGM in the coming September.