JAKARTA: PT Solusi Tunas Pratama Tbk rights issue which planned effective on June 25 posponed since shareholders have yet to approve the plan.
Based on the latest prospectus announced on Monday (9/7), the company planned to issue 135 million shares at the offering price of IDR4,800 per share.
The Company targeted this offer will be effective starting August 8, 2012 upon approval in the upcoming extraordinary general meeting of shareholders held on the same day.
In the prospectus, the company also plans to issue 59.4 million warrants series I which accompanies the new shares issued. Warrants are free of charge as an incentive for corporate shareholders.
Each holder of 40 shares has 9 preemptive rights at IDR4,800 per share. By every 25 new shares from preemptive rights 11 warrants series I are given for free as an incentive.
The total funds achieved by this rights issue reached IDR648 billion. While issued the warrant series I amounting to IDR285.12 billion.
As many as 50% of the proceeds from the rights issue will be allocated for the procurement and construction of new towers and can be used in from 2012 to 2014.
Approximately 35% will be used for the acquisition in the future or for repayment of the previously signed acquisition.
While approximately 15% will be used to finance the Company's operational activities, including working capital, operating expenses, financial expenses, and land permit renewal purposes or company's other financial needs.
About 60% of the warrants series funds will be used by the company during 2013 to 2015 period to develop and expand the business. About 40% will be used for acquisition of assets or companies that have strategic value. (T07/msw)
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