JAKARTA – PT Batavia Prosperindo Trans Tbk (BPTR) will allocate 70% of the rights issue proceeds to cover its capital expenditure (CapEx) and boost its working capital. Meanwhile, another 30% will be spent on instalment of financing debts.
Quoting the short prospectus today (12/10), the shareholders have agreed to issue 2.48 billion shares of IDR 100 each in a rights issue. They are equivalent to 61.54% of BPTR’s issued and paid-up capital after said corporate action.
BPTR has yet to name any standby buyer in this corporate action. However, assuming that PT Batavia Prosperindo Internasional Tbk (BPI), the controller of 73.25% of BPTR’s shares, exercises all of its rights in this corporate action, BPTR’s issued and paid-up capital will be IDR 181.65 billion higher, from the initial IDR 155 billion to IDR 336.65 billion.
Then, the shareholder structure will also change. BPI will dominate by 87.68% of the shares, followed by PT Victoria Insurance Tbk (VINS) of 3.07%, Paulus Handigdo of 0.91%, Rima Rupita of 0.61%, Markus Dinarto Pranoto of 0.30%, and the public of 7.43%.
BPTR reportedly collected IDR 38.50 billion from its IPO back on July 9, 2018. The proceeds were then realised to pay instalment of financing debts over motorcycle purchases worth IDR 19.25 billion and to pay down payment for new motorcycle purchases worth IDR 19.25 billion. (LK/ZH)