JAKARTA. PT Bali Towerindo Sentra Tbk (TOWR) would issue 393.45 million new shares without preemptive rights, or a private placement, to pay some of its debts and fund business expansion.
The fresh shares to be offered by BALI would equal 10% of its entire issued and paid-up capital. Until Wednesday (18/8), there have been no definite names of the investors specified to participate and take over the newly placed shares. However, the management confirms that the old investors’ ownership portion in the company might have diluted by 9.09% after this private placement.
In the published prospectus, BALI is revealed to still await approval of the shareholders during the Extraordinary General Shareholders Meeting next Friday (20/8). Should the plan be permitted, the private placement would be carried out at least two years since the said meeting took place.
BALI has not yet set the execution price for these new shares issued in the upcoming private placement. However, according to idnfinancials.com data, the average BALI’s stock price during the closing within the last 25 days is at IDR 615 per share. Thus, the company could potentially secure fresh funds of IDR 241.98 billion in total. (KR/ZH)