Feb 18, 2011

Inovisi to issue 25.10 million new shares

Indonesian-listed company PT Inovisi Infracom Tbk plans to issue 25.10 million new shares with non-preemptive rights worth Rp225.94 billion to three companies.
In a prospectus of non-preemptive rights published recently, the second stage of non-preemptive rights is aimed to issue 2.04 million new shares to PT QDC Technologies, 5.57 million new shares to Modern Profit Sdn Bhd, and 17.49 million new shares to PT Gold Child Integritas Abadi.
Referring to the non-preemptive rights regulation, Inovisi is allowed to issue a maximum of 10% new shares or 170.20 million shares without preemptive rights within 2 years.
Inovisi sealed approval from extraordinary of shareholder's meeting (EGM) on December 17 2010 to issue 107.30 million new shares, the first stage.
The company schedules an upcoming EGM on March 3 2011 to obtain agreement to issue 25.10 million new shares without preemptive rights.
The last stage of the 37.79 million shares issuance of 37.79 is scheduled to obtain approval from EGM on December 17 2012.
Who are the buyers?
QDC Technologies is a Indonesian-based company providing high quality telecommunications and power solutions, engineering wireless services, wireline satelitte, broadband, and power transmission and substation.
Redi Subekti is owner of 75% shareholding in QDC Technologies.
Modern Profit is a investment company and founded in Malaysia. Petrol One Resources Berhad, publicly listed company in Malaysia, controls 32.9% stake in Modern Profit and Ulrica Limited owns 50% stake in Modern Profit.
Gold Child is an Indonesian-based company focusing in coal trading. Gold Chile manages several contracts to supply thermal coal for Chinese power plants. Gold Child is wholly owned by PT Bina Tanjung Nusantara.

Disclosure: No position at the stock mentioned above.  

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