JAKARTA. PT MNC Investama Tbk (BHIT), an investment company owned by Hary Tanoesoedibjo, will issue 5.99 billion new shares or around 8.85% of its fully paid-up shares, through a private placement.
BHIT's management explained that the proceeds from the private placement would be used to strengthen the company's capital structure.
BHIT will hold a general meeting of shareholders on 18 August 2020, to seek approval from its shareholders for the private placement plan. The exercise price for the new shares has not yet been determined. "[The exercise price] will be decided by referring to the regulations of at least 90% of the average closing price of shares," explained BHIT management.
After the private placement, the value of BHIT's existing shares will be diluted by 8.21%. As of the end of the first semester of 2020, 19.74% of BHIT shares were controlled by HT Investment Development Ltd, 12.41% were owned by Caravaggio Holdings Limited, 11.19% were owned by New Ascend, 7.85% were owned by PT Bhakti Panjiwira, and 45.31% were owned by public investors. (KR/AR)