JAKARTA – PT Jasnita Telekomindo Tbk (JAST), a telecommunication system provider, will allocate IDR 30 billion to the development of Smart City projects in six cities, including Blitar, Gresik, Siak, Jambi, Batam, and Solok. The fund to support the plan will be taken out of the proceeds of the rights issue, whose execution awaits the shareholders’ approval.
In the short prospectus quoted Tuesday (19/4), the management of JAST planned to channel 50% of the total targeted fund of IDR 61.02 billion from the rights issue, which has been scheduled from May 17 to 24, 2022. In this corporate action, the company will issue 406,813,350 shares for IDR 150 each. Another 8.3% will be utilised to upgrade the server, 33.5% will go to the working capital, while the remaining 8.2% will be given out as a loan to its subsidiary, PT Sakti Makmut Pratama (SMP).
Regarding the Smart City project, the work encompasses installing and developing smart lights, smart meter, Jasgrid 112, a command centre management, a global positioning system (GPS) to map out streetlights, and control management system (CMS) application to access features installed in smart lights.
The company will then hold an Extraordinary General Shareholders Meeting to solidify the business plan of the Smart City and the business development plan stated in its Articles of Association, which covers the data communication system service. (LK/ZH)