JAKARTA. PT Adi Sarana Armada Tbk (ASSA) aims to gain IDR 720 billion from the rights issue following the effective statement given by the Financial Services Authority (OJK) last weekend.
The President Director of ASSA, Prodjo Sunarjanto, claims that the majority of the fund, approximately IDR 639.3 billion, would be channelled to cover a portion of bank loans received in 2019. The said loan supported the Last-Mile Delivery of Anteraja and the acquisition of automotive auction service, PT JBA. Another IDR 18.52 billion would be utilised to boost Titipaja warehouse services business (e-fulfillment). Lastly, the remaining amount would be allotted to the working capital.
The rights issue would involve 600 million units of ASSA’s shares. The old stockholders owning 453 shares are granted one preemptive right. Each preemptive right could be used to purchase convertible bonds for IDR 1,200 each. It would require an upfront payment while ordering.
Should there be remaining unexercised preemptive rights, the leftover convertible bonds would be claimed by International Finance Corporation (IFC), also an extension of World Bank Group.
In a press release published on Tuesday (6/7), Sunarjanto stated that by obtaining this effective statement from OJK, his company would proceed with the technology-based end-to-end logistic transformation. It would also solidify other business lines in the mobility ecosystem field and used vehicle sales. (AM/ZH)