Smartfren Aims to Raise Rp 8.5 Trillion through New Stock Issuance
Jakarta. Cellular operator Smartfren Telecom (FREN) announced plans on Wednesday to conduct a rights issue, aiming to raise up to Rp 8.57 trillion ($545.8 million) in fresh capital.
As a subsidiary of the Sinar Mas Group, Smartfren intends to issue 171.46 billion series-D shares at an offered price of Rp 50 per share for its existing shareholders.
Shareholders are informed that for every 178 shares they own, they are entitled to acquire 75 new shares.
The rights issue is scheduled to take place at the Indonesia Stock Exchange from March 18 to 22, 2024. Shareholders will not be permitted to purchase the new shares outside this designated timeframe, the company said in a public filing.
Of the total proceeds, Smartfren plans to allocate Rp 5.48 trillion for debt and interest repayments, with the remaining amount earmarked for capital.
Global Nusa Data, a tech company holding a 23.79 percent stake in Smartfren, announced on Tuesday that it will waive its rights to participate in the rights issue. On the other hand, telecommunication company Bali Media Telekomunikasi, with a 9.81 percent stake, expressed its intention to exercise the rights to purchase new Smartfren shares in proportion to its existing stake.
Smartfren cautioned that existing shareholders who opt not to participate in the rights issue will experience a decline in their ownership percentage.
Tags: Keywords:
as a preferred
The Latest
Christiane Amanpour to Leave CNN After 43 Years
Her announcement came weeks after media corporation Paramount Skydance formally took over Warner Bros. Discovery, the parent company of CNN.
Indonesia Records Rp 1.54 Quadrillion in Investment Through September
Cumulative investment since President Prabowo Subianto took office on Oct. 20, 2024, had reached approximately Rp 3.92 quadrillion.
UN Boss Wants to Fix Security Council as Indonesia Seeks Seat
Outgoing UN chief Guterres says the current permanent member setup at the Security Council fails to reflect today's realities.
Saudi Flagship Investment Conference Pushed to 2027 after Houthi Attacks
The annual Future Investment Initiative (FII), often dubbed "Davos in the Desert", was originally scheduled to take place from October 26-29
Government Sets Aside Rp 1.3 Quadrillion for Final-Quarter Spending
Government spending has reached Rp 2.66 quadrillion, equivalent to 69.2% of the full-year budget target of Rp 3.84 quadrillion.Most Popular
