JAKARTA – PT Magna Investama Mandiri Tbk (MGNA) will issue 2,407,394,345 shares of IDR 50 each and 343,913,477 Series II warrants in a rights issue. It will be finalised after gaining approval during its Extraordinary General Shareholders Meeting tomorrow (11/1). The rights issue proceeds will be spent on improving the working capital and acquiring subsidiaries of PT Bhuwanatala Indah Permai Tbk (BIPP).
In the information disclosure quoted Monday (10/1), the company is said to seek fresh funds of IDR 120.36 billion through corporate action, scheduled for at least this year. Then, 54.84% of the rights issue will be allocated to acquire 98.17% of PT Graha Swahita (GS) under PT Tri Daya Investindo (TDI), worth IDR 66.01 billion. Then, another 20.17% of the proceeds will be spent on buying 58.24% of BIPP’s portion in PT BIP Sentosa (BS) for IDR 25 billion. Lastly, another 14.29% of the proceeds will be used to take over 40.756% of TDI’s portion in BS worth IDR 17.19 billion.
The acquisition of several subsidiaries of BIPP is related to MGNA’s plan to shift its business to commercial property, real estate, and holding company. In the future, MGNA will own a hotel building, currently managed by GS, an apartment service managed by BS, and several land assets in Canggu, Badung, Bali, and Manado. (LK/ZH)