JAKARTA (Yosefardi) – PT Ratu Prabu Energi Tbk (ARTI) up-sizes its rights issue program to 6.2 billion new shares from initial plan of 3.13 billion new shares.
But the exercise prices is cut to Rp117 per shares from initial target of Rp234 per share. Then the Company will raise Rp733.8 billion proceeds.
ARTI will use the proceeds to fund land acquisition and purchasing 2 new rigs.
It also plans to issue medium term Notes (MTN) worth Rp300 billion in the fourth quarter of this year, used to fund its residential project (Ratu Prabu 3) which costs Rp1.9 trillion.
ARTI booked net profit of Rp22.98 billion in the first half of 2014 on revenues of Rp173.2 billion.