PT Dayaindo Resources International Tbk aims to hold rights issue of 18.90 billion of new shares at Rp105 per share, allowing it to seal Rp1.98 trillion of cash.
According to the rights issue prospectus announced today, Dayaindo allows each holder of two existing shares have rights to buy 21 new shares to be issued by the company at the exercise price of Rp105 per share.
Dayaindo's controlling share holder, PT Manhattan Asset Management Indonesia plans to exercise its rights to buy a minimum 4.29 billion of new shares at Rp105.
Who is the standby buyer? If existing share holders would not exercise their rights, Chungrim Ltd had committed to buy a maximum 14.61 billion of new shares at Rp105. It means Chungrim should be ready with Rp1.52 trillion of cash.
If Chungrim realized the commitment, it might potentially control 70.89% stakes in Dayaindo Resources.
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