JAKARTA. Foreign investors sold a lot of PT Trada Alam Minera Tbk (TRAM) shares within 7 trading days after the announcement of the rights issue plan.
According to information compiled by IDNFinancials.com, the total shares sold by foreign investors from 26 June- 4 July reached 93,326,800 shares. Even a number of domestic investors who have more than 5% of TRAM shares also sell some of their shares.
PT Graha Resources, the holder of 43.15% of TRAM's shares, released 20.5 million shares on 4 July. Graha Resources' ownership in TRAM also dropped to 43.1%. Board of Directors of Graha Resources said the sell-off was part of the company's business strategy.
In its information disclosure, TRAM announced that it would issue as many as 100 billion new shares and 14 billion warrants, which could be converted into new shares. TRAM explained that the shareholders who did not participate in the rights issue would have their shares diluted by 66.83%. (KR/AR)