Oct 7, 2010

Indocitra to hold Rp3.6 trio rights issue

PT Indocitra Finance Tbk aims to hold rights issue of 1.44 billion new shares in a bid to snap up Rp3.6 trillion cash.
In a public statement submitted to Indonesia Stock Exchange (IDX) today, Indocitra Finance reveals the proposed rights issue requires approval from extraordinary of shareholder meeting on November 10 2010.
According to the announcement, Indocitra new shares will be offered at Rp2,500 per share. About 76.39% of the proceed or Rp2.75 trillion will be used to buy 99.65% stake from Amstelco Plc new shares issuance.
Amstelco is an investment company based in the UK. Amstelco is currently focusing on the natural resources, oil and gas, and mining sectors, directing its attention on expansion in Asia. Amstelco with PT Northstar Pacific Indonesia noted is seeking opportunity to acquire 10% stake in PT Newmont Nusa Tenggara (NNT) last year.
About 0.0278% of the funds will be used to acquire 99.99% stake in PT Amstelco Energy Resources. Furthermore 23.58% of the remaining funds will be used for working capital and rights issue emission cost.

Disclosure: No position at the stock mentioned above.

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