Sep 22, 2011

KBRI obtains approval to issue shares

PT Kertas Basuki Rachmat Indonesia Tbk (KBRI) yesterday obtained an approval from its shareholders to issue 774.88 million of non preemptive new series D shares or 9.79% stake of its enlarged capital.
Kertas Basuki will exercise the new shares at Rp67 per share.The proceed will be used by the company to settle Rp51.92 billion debt of its subsidiary PT Kertas Basuki Rachmat.
"The company's balance sheet is now clean, creating an opportunity to secure loan," said Corporate Secretary Tiur Simamora, as quoted by Bisnis Indonesia today.  KBRI has proposed US$50 million-US$55 million loan facilities to construct paper machine 2.

Disclosure: No position at the stock mentioned above.  

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