Chandra Asri poised to raise funds
In March, Chandra Asri Finance Director Suryandi said the company plans to hold a 15%-20% stake rights issue in a bid to grab US$400 million proceed.
The proceeds will be used to fund their medium-term expansion and to increase public ownership that currently only around 5%.
But, the proceed may be less than the initial plan. Two sources close to the deal said Chandra Asri has appointed UBS Securities, DBS Securities, Deutsche Bank, and Morgan Stanley as the arrangers and underwriters for the rights issue and shares placement.
“I heard that Chandra Asri to raise Rp2 trillion-Rp2.5 trillion. Soon the rights issue will be launched,” the sources said.
The company plans to issue 20% new shares during the rights issue. Referring to its paid-up capital, it may issue 612 million new shares. “Besides fund raising, Chandra Asri aims to make its stocks more liquid by floating 20% shares into the market.”
On May 6, Chandra Asri inched up1.10% to Rp4,575 per share.
Tri Polyta (prior to merge with Chandra Asri) suffered a 27.87% drop in net profit last year to Rp348.29 billion or Rp478 per share from Rp482.88 billion or Rp663 per share in the previous year.
Operating profit also slumped 40.64% to Rp464.82 billion from Rp782.99 billion.
Revenue slightly increased 9.28% to Rp5.18 trillion from Rp4.74 trillion.
Disclosure: No position at the stocks mentioned above.
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