Oct 22, 2010

AMCO to be Indocitra standby buyer

PT Indocitra Finance today announces Rp3.60 trillion rights issue by issuing 1.44 billion shares at Rp2,500 per share.
In the rights issue prospectus published today, holder of one existing Indocitra share will obtain 30 preemptive rights to buy 30 new shares.
During the rights issue, AMCO Plc is posed as standby buyer with exercise commitment of up to 304.86 million shares at Rp2,500 per share or a total commitment of Rp762.15 billion.
Indocitra Finance plans to use 76.39% of the proceed to buy 20 billion new shares to be issued by Amstelco Plc, representing 99.65% stake.
Indocitra Finance also aims to use 0.0278% of the proceed to acquire 999,999 stake in AER, while the remaining of about 23.58% will be used as working capital.

Disclosure: No position at the stock mentioned above.

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