Dec 18, 2010

Novel & True Accurate inject Inovisi

PT Novel Capital Limited, an oil and gas company, issued 57.39 million shares, or 3.17% ownership to PT Infracom Tbk.
President Director Inovisi Infracom Jerry Djajasaputra said that the company also allowed True Accurate Limited to absorb 49.91 million shares or 2.76% stake.
“The total transaction reaches Rp580.5 billion. In the transaction, we issue new shares for both companies, and they will buy the new shares,” he told the press after the extraordinary meeting or shareholders today.
The deal is a part of Inovisi Infracom’s plan to acquire Novel Capital Limited’s Abundant Global Limited (AGL) and True Accurate Limited’s Great World Limited (GWL).
Inovisi Infracom completed the deal by non-pre empted capital increase. After the acquisition, the share portion of PT Green Pine as the major shareholder is diluted to 61.35% from 65.22%. The share portion that belong to public is also diluted to 6.99% from 7.12%.
Abundant Global Limited, the parent company of Talent Global Limited, is an investment holding company focused on sales, delivery, logistics and storage for oil and gas industry.
Meanwhile, Great World Limited, the parent company of Ozura World Limited and Ozura Global Media Limited, works in media entertainment business, mobile application, and mobile social networks. 

Disclosure: No position at the stock mentioned above. 

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