Jakarta. Alfamidi, the leading grocery store chain owned by Midi Utama Indonesia, is offering a rights issue to existing shareholders to raise Rp 1.24 trillion ($81.8 million) in fresh capital. Shareholders have been invited to purchase 4.6 million new shares at a price of Rp 270 per share.

Existing shareholders have the right to purchase 100 new shares for every 625 shares they currently hold. Shareholders whose names appear on the July 7 shareholder list are eligible for this program.

The new shares were listed on the Indonesia Stock Exchange on Tuesday and will be available for trading until the following Monday, Alfamidi said in a public filing.

Sumber Alfaria Trijaya (SAT), the majority shareholder with an 89.4 percent stake in Alfamidi, has decided not to participate in the program. 

Instead, SAT will transfer its rights to BCA Sekuritas, which will facilitate the sale of the remaining new shares to other investors.

In the event that the new shares are not fully absorbed by the market, BCA Sekuritas will acquire the remaining shares at the same price, with a maximum transaction value of Rp 435.81 billion, Alfamidi said.