JAKARTA. Gallant Venture Ltd (GV), an investment company owned by the Salim Group, said that it would not take all of its rights for the rights issue of PT Indomobil Sukses Internasional Tbk (IMAS). GV transferred all of its rights to PT Bina Raya Perkasa (BRP), a company owned by Pieter Tanuri.
IMAS' management explained that BRP took 878,562,566 pre-emptive rights (HMETD), with a ratio of one right fof one new shares (1:1). With an exercise price of Rp 550 per new share, BRP invested Rp 219.64 billion.
"GV as the main shareholder of the company has stated that it will not participate [in the rights issue] and will transfer its rights to BRP," explained IMAS' management through an official statement received by idnfinancials.com.
At present, GV controls 71.49% of IMAS shares. Meanwhile, 18.17% of IMAS shares are owned by PT Tritunggal Intipermata, and the remaining 10.34% are owned by public investors. However, the value of old investors' shares will be diluted by 30.77% if they do not exercise their rights.
For the record, IMAS has the potential to obtain a capital injection of Rp 675.96 billion from this rights issue. 90% of the rights issue proceeds will be used for inject additional capital into its subsidiary, PT Indomobil Multi Jasa Tbk (IMJS). The remaining 10% will be used by IMAS as working capital. (KR/AR)