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Phapros will release 862,745,098 shares in a rights issue

18 September 2019 13:07

JAKARTA - PT Phapros Tbk (PEHA), a subsidiary of PT Kimia Farma (Persero) Tbk (KAEF), will release 862,745,098 of its shares in a rights issue that will be held on 13 November 2019. Through this corporate action, the company aims to obtain Rp 1.1 trillion.

According to the company's prospectus, as much as 50% of the rights issue funds will be used to develop the company's subsidiaries, 20% of it will be used to pay the company's short-term debt, and the remainder will be used to increase the company's working capital.

In the first half of 2019, Phapros has short-term debt of Rp 482.69 billion and long-term debt of Rp 11.55 billion. The company's creditors including PT Bank Mandiri (Persero) Tbk (BMRI) (Rp 130 billion), PT Bank Maybank Indonesia Tbk (BNII) (Rp 266.91 billion), PT BPD Jateng Tbk (Rp 30 billion), PT Bank CIMB Niaga Tbk (BNGA) (Rp 37.92 billion), and PT Bank OCBC NISP Tbk (Rp 17.85 billion).

PT Kimia Farma has deposited Rp 395.95 billion of capital, the minimum requirement for conducting a rights issue. The rights issue plan was approved by the company's shareholders at the Extraordinary General Meeting of Shareholders (EGM) on 26 August 2019. (LK/AR)

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