PT Bhakti Investama Tbk plans to conduct rights issue by divesting maximum 44.43% new shares to the market at IDR1,100-IDR1,300 per share, a premium price 10%-30% higher than IDR970 recorded on Friday last week.
Bhakti's 2009 financial statement mentions that the rights issue, which will have no pre-emptive rights, can involve maximum 3.21 billion shares or 44,43% shares, raising IDR3.53 trillion-IDR4.17 trillion for Bhakti.
Shareholders meeting today aprrove the company plan. Shareholders controlling more than 5% shares in Bhakti per December 2009 were PT Bhakti Panjiwira (25.55%), Hary Tanoe (11.36%), ABN Amro Singapore (8.58%), UOB Kay Hian Private Ltd (6.37%), UBS AG (5.72%), and the public (41.35%).
Group President and CEO of Bhakti Investama Bambang Hary Iswanto Tanoesoedibjo on March 31 reported the purchase of 75 million shares in Bhakti or 1.04% of the publicly listed company's equities. Hary bought BHIT share at IDR860 on March 26, 2010 as a strategic investment.
Following the purchase, Hary Tanoe's shares increases to 1.13 billion BHIT shares or equivalent to 15.72% shares. "The purchase is only investment," he said in an information transparency.
Following the purchase, Hary Tanoe's shares increases to 1.13 billion BHIT shares or equivalent to 15.72% shares. "The purchase is only investment," he said in an information transparency.
The process revealed the fund raised from the rights issue was part of the total financing need of US$570 million (IDR5.15 trillion). According to the plan, the fund would be used to finance corporate actions, such as acquiring oil and gas mines, coal mines, insurance and media companies worth a total of US$300 million this year.
In addition, a subsidiary of Bhakti, PT Media Nusantara Citra Plc (MNCN), plans to issue bond worth US$250 million. In line with that, a 20% stake in PT MNC Sky Vision (Indovision) will be divested to strategic investors.
The executive confided the bond would be issued in the second quarter and the value increased from IDR500 billion initially planned. The company will select three underwriters for the bond this week. The three underwriters are Morgan Stanley, Standard Chartered Bank, and Royal Bank of Scotland (RBS).
The executive confided the bond would be issued in the second quarter and the value increased from IDR500 billion initially planned. The company will select three underwriters for the bond this week. The three underwriters are Morgan Stanley, Standard Chartered Bank, and Royal Bank of Scotland (RBS).
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