PT Bentoel International Investama Tbk (RMBA), a listed cigarettes company, plans to offer new shares (rights issue) by the end of first half targeting Rp13,99 trillion. Most of the shares offered in the rights issue should be fully absorbed by the public, so they can comply with the minimum public share of 7%, as the Decision of the Board of Directors the Indonesia Stock Exchange (BEI) No. Kep-00001 / BEI / 01-2014.
Citing Bentoel’ published prospectus, if the public shareholders do not exercise their rights to buy new shares being offered, their shares will be diluted by 80.1%, alias down to 0.2%.
In this corporate action, British American Tobbaco, which is the majority shareholder of Bentoel as much as 85.55%, is to act as a standby purchaser.
Bentoel would use the proceeds to reduce the company’s debt to the Rothmans Far East BV amounting to Rp 12 trillion. In addition, the proceeds will also be used for business expansion as well.(*)
Add Comment