JAKARTA. PT MNC Investama Tbk (BHIT) is planning to launch a rights issue of as many as 17.57 billion shares. The proceeds will be used to complete the claims of two other companies and as working capital.
In the rights issue, BHIT will release as many as 17.57 billion shares at Rp 100 per share. The plan is seeking shareholders' approval, which will be decided in the company's Extraordinary General Meeting of Shareholders (EGM) on April 26, 2019.
Based on information disclosure at the Indonesia Stock Exchange (IDX) on Wednesday (20/3), BHIT will use the rights issue proceeds after allocating costs for working capital to complete the claims of Caravaggio Holdings Ltd and New Ascend Ltd at Rp 832.11 billion and Rp 750.63 billion respectively. BHIT's debt will also be reduced to Rp 1.58 trillion.
If shareholders do not use their rights, Caravaggio and New Ascend will act as standby buyers by compensating their respective claims as shares deposit in accordance with Article 10 of OJK Regulation No. 32.
Following the rights issue, BHIT's placed and paid-up capital will rise to 70.28 billion shares from the previous 62.28 billion shares. Shareholders who do not use their rights will be diluted by up to 25%.
After the rights issue BHIT's shareholder composition will be as follows: HT Investment Development at 19.46% (13.67 billion shares) from previously 25.11%, Smart Empire Group Co Ltd at 8.86% from previously 11.435, PT Bhakti Panjarwira at 7.7% from previously 9.98%, Charlton Group Holdings Ltd at 5.85% from previously 7.55% and UOB Kay Hian (Hong Kong) Ltd at 5.18% from previously 5.39%.
Public ownership in BHIT will be reduced from 40.54% to 31.40%. Meanwhile, Caravaggio and New Ascend will own 19.46% and 11.84% respectively. (AM/MS)