The structure of PT Indocitra Finance Tbk's controlling shareholders changed on 30 September 2010, shortly before the company announced its plan to conduct rights issue valuing IDR3.6 trillion on October 7.
In the information disclosure to PT Indonesia Stock Exchange(IDX) today, Indocitra President Director Tatah Diasmono said around 48.83% of the company's total shares or nearly 23.43 million shares previously owned by PT Citrasari Abadi had been sold to PT Inkapita Partners. The share was priced at IDR940 per share, making the transaction value amounting IDR22.03 billion.
Citrasari owned 56.95% of company's share during the first and second quarters this year in two forms of ownerships, namely 8.13% and 48.83%.
However, such transaction value was not reflected on the stock price in the regular market on the same day as it has been unchanged at IDR500 since May and finally touched IDR620 on October 6.
The right issue is suspected to be a backdoor listing conducted by a UK based company, Amstelco Plc. The scheme can be an injection of new assets to a publicly listed company from non-publicly listed company.
The proceeds generated from the rights issue will be used to book for 99.65% of Amstelco's new shares or nearly 20 billion shares valuing IDR2.75 trillion.
The management revealed the new shares will be released at a nominal value of IDR500 per share with offering price at IDR2,500 per share.
Besides, 0.0278% of the fund shall be used to acquire 99.99% shares of PT Amstelco Energy Resources or around 999,999 shares with a nominal value at IDR1,000 per share.Furthermore, 23.58% of the remaining fund shall be exercised to foster its working capital and to finance the rights issue.
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