JAKARTA. PT Acset Indonusa Tbk (ACST), a construction company owned by the Astra Group, will hold a rights issue and release 15 billion shares to raise Rp 1.5 trillion, which will be used to pay debts to PT United Tractors Tbk (UNTR).
In the official statement of ACST received at idnfinancials.com today, the principal value of the debt was Rp 2.04 trillion. The loan facility with an interest rate of JIBOR + 2.5% is used by the company for working capital, and will mature on 30 April 2023.
ACST's management said that there are parties who are willing to become standby buyers in the rights issue, namely PT Karya Supra Perkasa (KSP), a subsidiary of UNTR which holds a 50.10% stake in ACST. KSP is said to have sufficient funds to take all the rights to purchase new shares in the rights issue.
In addition, KSP is also required to buy the remaining rights that are not taken by other investors. A number of other shareholders who are entitled to the rights issue of ACST are PT Cross Plus Indonesia with a stake of 12.27%, PT Loka Cipta Kreasi (5.83%), Value Partners High-Dividend Stocks Fund (5.51%), Mutual Fund HPAM Ekuitas Progresif (6.33%), and the public (19.96%).
Shareholders who do not use their rights in this rights issue will have their stakes diluted by 95.54% at most. (KR/AR)