JAKARTA (Yosefardi) – PT Rimo International Lestari Tbk (RIMO) has not gained yet the approval of the Financial Services Authority (OJK) for its rights issue proposal.

Then RIMO will approach again the OJK to ensure the prospect of approval on the rights issue proposal.

The company earlier proposed to launch the rights issue for 30.6 billion or 98.9% of its enlarged shares capital, using its financial report ending March 2015.

But RIMO might have to propose its financial report ending June 2015 as by the regulation the valuation period has surpassed six months.

RIMO earlier reported Haven Capital Pte Ltd will act as standby buyer. While the rights issue proceeds is targeted for Rp8.1 trillion, of which 77.65% or Rp6.25 trillion will be 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.