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Mahaka Media welcomes its new shareholder post rights issue

23 December 2021 06:37

JAKARTA. PT Mahaka Media Tbk (ABBA) would have a new shareholder, PT Solic Kreasi Baru (SKB), following the issuance of 1.18 billion new shares along with the preemptive rights, also known as a rights issue.

SKB would control at least 17.34% of ABBA’s shares after this rights issue, considering how PT Beyond Media, the controlling shareholder, refused to exercise its entire rights to acquire new shares. Currently, Beyond Media’s portion in ABBA is still at 57.81% but will be diluted to 40.47% by the end of the rights issue.

In the information disclosure in Indonesia Stock Exchange (IDX), SKB also declared its commitment to taking all the new and unclaimed shares. Thus, SKB still might potentially secure up to 30% of ABBA’s shares should other shareholders remain idle in the rights issue.

ABBA has yet to disclose the new execution price set for the shares in this rights issue until this moment. However, assuming that it would use the price fixed during today’s trading closing of IDR 388 each, ABBA could raise fresh funds of up to IDR 458 billion.

Then, approximately 30% of the rights issue proceeds would be used to boost the working capital of ABBA and its subsidiaries, while another 70% would be spent on investing in the digital technology sector. (KR/ZH)

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