JAKARTA. A state-owned construction service provider, PT Adhi Karya (Persero) Tbk (ADHI), plans to conduct a rights issue of IDR 3.87 trillion. Out of this amount, approximately IDR 1.97 trillion will be covered by the government through a domestic investment.
In the prospectus published on Monday (17/10), ADHI is said to be preparing to offer 7.04 billion units of new series B shares worth IDR 100 each in this capital increase through pre-emptive rights. It then sets the execution price to IDR 550 per share.
ADHI plans to utilise the domestic investment mentioned before, worth IDR 1.97 trillion, in the construction projects of the Solo-Yogyakarta-YIA Kulon Progo Toll Road, the Yogyakarta-Bawen Toll Road, and the Karian-Serpong Clean Water Distribution System. Then, the rights issue proceeds gained from the public will be advanced to four of its subsidiaries in the form of capital investments. Whatever remains will be invested in the waste treatment and toll road segments.
The original shareholders who decided not to exercise their rights in this corporate action will have their portions diluted by up to 66.42%. ADHI sets the recording date for the rights issue participants to October 26, 2022. It will then close the trading session in the regular and negotiation market on October 24, 2022, two days earlier than the closing date in the cash market on October 26, 2022. The final listing on Indonesia Stock Exchange will conclude the process on October 28, 2022. (AM/ZH)