Jan 27, 2011

Enseval launches Rp300 bio rights issue

Trading and distribution company PT Enseval Putra Megatrading (EMPT) is raising Rp300.04 billion by issuing new shares with preemptive rights of 428.64 million shares or 15.8% of its enlarged capital.
In the rights issue prospectus published today, Enseval Megatrading, with majority shareholding controlled by one of Indonesia's largest pharmaceutical maker PT Kalbe Farma Tbk (KLBF), schedules the rights issue in March this year after obtaining approval from its shareholders set during extraordinary of general shareholder meeting on March 2.
Each holder of 1,000 existing shares will obtain 188 preemptive rights in which one rights can buy one new share to be issued by Enseval at the exercise price of Rp7000 per share.
Enseval Megatrading plans to use the proceed to increase and expand distribution chains, including warehousing and branch offices throughout Indonesia.
Kalbe Farma has provided a full commitment to exercise unsubsribed rights. Currently Kalbe Farma controls 83.75% shareholding in Enseval Megatrading, HSBC Fund Services Clients A/C500 holds 10.93%, and public shareholders own 5.32%.
Post rights issue, Kalbe Farma will control 83.75% (if all public shareholders exercise their rights), HSBC Fund owns 10.93%, and public holders own 5.32%.

Disclosure: No position at the stock mentioned above.  

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