May 11, 2011

Indomobil sets Rp3.28 trio rights issue

PT Indomobil Sukses Internasional Tbk (IMAS),  a sole distributor of several car brands owned by Salim Group, today launched a rights issue of 345.66 million of new shares or 25% of its enlarged capital at the price range of Rp7,500-Rp9,500 per share in a bid to grab Rp2.59 trillion-Rp3.28 trillion proceed. 
Each holder of three existing shares will entitle one preemptive rights to buy one new shares to be issued by Indomobil, a rights issue prospectus revealed today. 
The company's controlling shareholders namely PT Cipta Sarana Duta Perkasa and PT Tritunggal Intipermata have committed not to exercise their 322.87 million preemptive rights. 
Referring to a subscription agreement signed on May 10 2011, Cipta Sarana and Tritunggal Intipermata have agreed to transfer the rights to four brokerage houses namely PT CIMB Securities Indonesia, Deutsche Bank AG Singapore, PT DBS Vickers Securities, and PT Kresna Graha Sekurindo Tbk.
The brokerages have their mandate to sell the shares resulted from the rights exercise to both local and foreign investor.
Cipta Sarana and Tritunggal currently hold 69.80% and 23.61 shareholding in Indomobil Internasional.

Disclosure: No position at the stock mentioned above.  

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