Royal Oak to Decrease Capital

PT Royal Oak Development Asia Tbk is going to decrease its capital from IDR10 trillion to IDR5.38 trillion on the sluggish economy.
Vice President Director of Royal Oak Andrew Leong during the company's information disclosure to the Indonesia Stock Exchange (BEI) explained the company would ask for the shareholders' approval to this plan.
"The extraordinary shareholders' general meeting will be held on June 26," he informed yesterday.
Early last year, Royal Oak, formerly PT Roda Panggon Harapan Tbk, raised IDR1.34 trillion from its rights issue, which offered 12.88 billion shares.
Around 50.13% or IDR613.55 billion of the fund was used to acquire shares in companies with interests in the securities, consumer financing, and insurance sectors.
Royal Oak also allocated 40.36% (ID494 billion) to buy property assets and used the remaining 9.51% (IDR116.40 billion) to finance several projects, such as Stupa Menteng, Area 24 Pancoran project, and a resort project in Bali.
Last year, Royal Oak exposed its plan to raise IDR6 trillion from rights issue amid the volatile financial market.