JAKARTA (Yosefardi) – PT Rimo International Lestari Tbk (RIMO) commits to offer 7.5% shares to public investors after completing the rights issue of 98.8% shares and raising Rp7.52 trillion proceeds.
Pursuant to IDX regulations, all listed public companies are required to have at least 7.5% of their total paid-up capital owned by the public (excluding controlling or principal shareholders) by January 30, 2016.
While 17 companies, a consortium engaging in real estate and trade business, are set as the standby buyers for RIMO rights issue.
RIMO earlier reported Haven Capital Pte Ltd will act as standby buyer. Rights issue proceeds will be mostly used to fund the acquisition over 99.99% shares of PT Hokindo Mediatama. This is basically a reverse takeover or backdoor listing of Hokindo Mediatama.
Hokindo is now developing 10 property projects with investment cost of Rp23.55 trillion.