JAKARTA. PT Atlas Resources Tbk (ARII), a coal mining company operating circa 2008, plans to issue 300 million shares in the capital increase without preemptive rights, also known as a private placement.
Each share issued by ARII is worth IDR 200 per share. However, the offering price in the private placement will be announced later after the Extraordinary General Shareholders Meeting scheduled for July 19, 2022.
According to idnfinancials.com data, ARII’s stock price was stable at IDR 238 per share at the closing bell of the first trading session today. Using this price in the equation, the company may potentially secure fresh funds of IDR 71.4 billion in the private placement.
The management of ARII said that this private placement is carried out to increase the capacity and strengthen the infrastructure hub of the company in Noth Musi Rawas. In addition to these, the company currently is in need of additional capital to repair its working capital structure and maintain its equity.
“It is so that we may gain investments from third parties,” the management explained in the information disclosure in Indonesia Stock Exchange (IDX).
The result of the ARII’s Extraordinary General Shareholders Meeting regarding this private placement plan will be disclosed on August 18, 2022. (KR/ZH)