JAKARTA - Indonesia cinema operator PT Graha Layar Prima Tbk (IDX: BLTZ) targets to raise as much as Rp850 billion (US$65.13 million) from limited public offering up to 110 million Class C shares to increase the capital of the company. In the prospectus released on March 7, the company with brand CGV Blitz said it expects to get approval on the plan on March 11 from its shareholders.
Based on company’s statement, shareholders do not exercise their rights will diluted maximum of 24.6 percent. Graha Layar will use the funds to repay the company’s loan up to Rp250 billion and for capital expenditure purposes to build more cinemas in the several cities in the country. Currently, BLTZ has operate cinemas in Jakarta, Bogor, Karawang Bandung, Yogyakarta, Surabaya and Balikpapan. (*)