JAKARTA (Yosefardi) – PT Equity Development Tbk (GSMF) plans to issue 2.44 billion new shares through pre-emptive rights scheme, priced at Rp110 per share, to raise total proceeds of Rp269.48 billion.
This is the fourth rights issue. Each shareholder with 32 old shares is entitled to buy 15 new shares. The existing shareholders would face a 31.91% dilution of shareholding if they failed to exercise their rights.
The rights issue proceeds will be used for adding capital placement in PT Bank Ganesha. GSMF intends to maintain 29.86% ownership in Bank Ganesha.
GSMF’s shareholders are Equity Global International Limited (EGIL) (81.43%) and public investors (18.57%).