JAKARTA (Yosefardi) – PT Sekawan Intipratama Tbk (SIAP), non-woven converter, plans to issue 23.4 billion new shares through preemptive rights scheme, priced at Rp200 per unit, to raise total proceeds of Rp4.68 trillion.
Shareholders with one old share recorded at June 17, 2014 will be entitled to buy 39 new shares. Trading of rights is scheduled for June 19-25, 2014.
PT Graha Sakti Cemerlang, PT Graha Sakti Prima as majority shareholders will not absorbe their portion of new shares amounting 14.04 billion units.
PT Danareksa Sekuritas will act as standby buyer. The existing shareholders will potentially face a dilution of up to 97.5% SIAP shares.
The proceeds of rights issue will be used to fund the acquisition over other company engaging in coal mining business. SIAP will acquire RITS Ventures Limited from Ridgetop Holding Ventures at value of Rp4.76 trillion. RITS Ventures indirectly holds shares of PT Indo Wana Bara Mining Coal.
SIAP will also divest its core business entity at price of Rp92.5 billion to PT Sukses Unggulan Perdana.
Currently, Graha Sakti Cemerlang holds 36% of SIAP shares, Graha Sakti Prima 21%, Antaboga Delta Sekuritas 12.83%, and public investors own 21.1%.
After the transaction, SIAP’s assets will reach Rp9.65 trillion, from current Rp272.59 billion. While liability will reach Rp2.5 trillion.