JAKARTA. PT Intermedia Capital Tbk (MDIA) will increase capital by non-preemptive rights issue (PMT-HMETD). The funds obtained will be used to pay off debts and increase working capital.
The member of VIVA group will issue as many as 3,92 billion new shares. This amount is equivalent to 10% of all shares that have been placed and fully paid in MDIA.
The company needs US$ 21.9 million to repay the Senior Facility Agreement debt of PT Cakrawala Andalas Television, a subsidiary of MDIA. The debt will due in October 2019. In addition, the rights issue funds will also be used to increase ANTV's working capital.
The implementation price for the issuance of new shares will be known after the company gets prospective investors.
Capital addition is expected to strengthen MDIA's capital structure and reduce ANTV's debt. "It is hoped that it will also improve ANTV's performance," Managing Director of MDIA Erick Thohir said in a press release on Thursday (25/4). (AM/AR)