JAKARTA. A shipping service company, PT Wintermar Offshore Marine Tbk (WINS), would issue new sets of shares through a private placement amounting to 423 million units.
The President Director of WINS, Sugiman Layanto, through the information disclosure on Indonesia Stock Exchange, claimed that the private placement plan follows the decision made in the Annual General Shareholders Meeting on May 21, 2019. It was also specified that the number of shares would reach 423 million units.
The new stock to be issued consisted of 400 million new shares, with an effective period of two years since the annual meeting and execution price higher than 90% of the average closing price after 25 days in the regular market. Meanwhile, another 23 million units would be issued as a part of an ownership programme for the management and employees, ending on May 20, 2024.
The funds gathered from this action would be utilised to support the business development plan, including but not limited to improving capital structure, loan financing, and strengthening cash flow.
This private placement would induce an increase in the number of shares, thus driving the stock’s liquidity upward. The said action would also result in the shareholders’ stock dilution by 9.08% of the company’s entire issued and paid-up capital before the action takes place. (AM/ZH)