JAKARTA – PT Intan Baruprana Finance Tbk (IBFN) explores the option to convert debts into shares and a rights issue to deal with its accumulated deficit and deficit in its capital. Director of Intan Baruprana Finance, Alexander Reyza, reveals the news in the information disclosure, quoted Wednesday (28/7).
“[We are] submitting requests to the creditors to convert the debts into shares or other equity-like financial instruments and looking for strategic investors through a rights issue,” Reyza explains.
According to Reyza, these options aim to improve the company’s financial structure following a disclaimer on its Financial Report of the Fiscal Year 2020. IBFN recorded an accumulated deficit of IDR 1.18 trillion and a capital deficit of IDR 322.30 billion in December 2020. As a result, the Financial Services Authority (OJK) had sent out a warning to the company.
As of March 31, 2021, IBFN also reported a liability in the form of Medium Term Notes of IDR 307.03 billion and bank debt of IDR 654.73 billion. (LK/ZH)