Telecommunication tower operator PT Sarana Menara Nusantara Tbk (TOWR), controlled by Djarum's Hartono family, reported that it will issue 102 million new shares in non preemptive rights (or 10% of enlarged capital).The price is set at Rp14,798 per share, determined by the average price 25 days prior to the announcement. However, Sarana Menara's Corporate Secretary Arif Pradana, in official statement filed to Indonesia Stock Exchange (IDX), today said the company has not any information regarding to investors who will subscribe those new shares during the rights issue. Those investors will be determined by Sarana Menara.
Sarana Menara, an affiliated of cigarette maker Djarum Group that is controlled by Hartono family, reported a 50.29% drop in net profit for the first 3 months of this year as a result of other losses of Rp62.22 billion.
What do you think about the corporate secretary statement? Do you believe that Arif Pradana does not know anything about the rights issue?
Disclosure: No position at the stock mentioned above.
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