JAKARTA (Yosefardi) Tower provider PT Solusi Tunas Pratama Tbk plans to issue 381.29 million new shares, representing 32.4% of its enlarged shares capital, through the pre-emptive rights scheme.
The exercise price is set at Rp7,000 per share, to raise total proceeds of Rp2.67 trillion. Trading of rights is scheduled for January 7-14, 2015.
PT Kharisma Putra Prima (KPP) will act as stanby buyer which could potentially buy 18.5% STP shares if the existing shareholders failed to exercise their rights.
The proceeds of rights issue (80%) will be used to pay part of banks’ loan. The payment will be made before this year end.
The banks’ loan was used to fund the acquisition of 3,500 units of tower from PT XL Axiata Tbk.