Oct 20, 2010

Kertas Basuki & Rp604 bio rights issue

PT Kertas Basuki Rachmat Indonesia Tbk plans to hold right issue, amounting Rp604.29 billion by issuing C series new shares by the end of next month.
In the company’s prospectus released today, it was reported that the funds derived from such corporate action shall be utilized to settle the company’s debt to Quest Corporation as much as Rp544.87 billion.
“Acting as the stand buyer is PT Henan Putihrai,” said President Director of Kertas Basuki Rachmat, Glenn M. S. Yusuf in such prospectus.
Based on the data, the proportion of the old shareholders may also be diluted at the most by 75.61% supposed these shareholders do not execute its preemptive rights issue and warrant, being issued by the company.
The company also plans to use such funds to finance the debt restructuring to Quest as much as Rp50 billion, while the remaining Rp9.41 billion shall be allocated to foster the company’s working capital.

Disclosure: No position at the stock mentioned above. 
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