Apr 11, 2011

Bhakti Capital sets non-preemptive rights

Local securities house PT Bhakti Capital Indonesia Tbk today announced 125.02 million new shares issuance without preemptive rights or 10% of the enlarged capital at Rp600 per share.
In a prospectus published today, the shares issuance is aimed to enlarge the company's free float, strengthen capital structure, and provide an investment opportinity for strategic investor.
Bhakti Capital will obtain Rp75.01 billion proceed from the new shares issuance.
Adding to that, the company will seek approval from its shareholders scheduled on April 28 2011.
"Bhakti Capital will secure additional working capital without burdening its shareholder," the prospetus revealed. Post the transaction, PT Bhakti Investama Tbk's shareholding will decrease to 81.44% from 89.59%. As a result, public shareholding will increase to 18.56% from 10.42%.

Disclosure: No position at the stock mentioned above.

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