HM Sampoerna could raise $1.9 billion from rights issue in September

PT Hanjaya Mandala Sampoerna Tbk (IDX: HMSP), a cigarette maker under U.S Phillip Morris, could raise Rp26.7 trillion ($1.93 billion) from 269.72 million new shares sale through rights issue, said the company on brief prospectus has published on Wednesday. The rights issue have ratios that every 65 old shares will get four new shares with indicative prices Rp63,000 to Rp99,000 per share. The company is scheduled to get approval from its shareholders on the rights issue plan on Sept. 18. The shares will be listed on the Indonesia Stock Exchange (IDX) on Oct 5. Every company including HM Sampoerna has to comply with the new capital market regulation the listed companies must have a minimum free float shares of 7.5 per cent by Jan. 30, 2016. Philip Morris holds a 98.18 percent interest in HM Sampoerna and only 1.82 percent is in public hands.