JAKARTA - PT Dana Brata Luhur Tbk (TEBE) is officially listed on the Indonesia Stock Exchange. This mining infrastructure issuer is the 46th listed company on the stock exchange in 2019.
"The entry of the Company into the capital market is an effort to strengthen the capital structure and improve corporate governance or Good Corporate Governance and provide wider access to funding sources," said President Director of Dana Brata Luhur Dian Heryandi as quoted from Bisnis.
In the initial public offering (IPO), TEBE released 35 million new shares or 2.75% stake to the public. The new shares are offered at a price of Rp 1,096 per share, so the company can reap fresh funds up to Rp 38.36 billion.
In addition, TEBE also issued 250 million new shares for the implementation of the Mandatory Convertible Loan (MCL) conversion, equivalent to Rp 274 billion. This amount is equivalent to 20% of the total paid-up capital before the IPO. (LM)