JAKARTA (TheInsiderStories) – Indonesian businessman, Robby Tan, will become the new shareholders the operator of Passpod, PT Yelooo Integra Datanet Tbk (IDX: YELO), said the management yesterday. The plans, the digital company to issues up to 1.9 billion new shares, or the equivalent of 262 percent of issued and fully paid capital.
Beside Tan, the standby buyer for the rights issue is PT Artalindo Semesta Nusantara that committed to take up to 1.39 billion shares sold by the main shareholders of the issuer, PT Agung Inovasi Teknologi and PT Prima Network Distribution. Currently, both hold 42.06 percent and 17.33 percent of ownership, respectively, or in total 59.39 percent of total issued and fully paid capital.
Beside them, the other shareholders are PT Digital Indonesia Raya with 5.26 percent of ownerships and public 34.21 percent. Based on the current price at Rp116 a share, YELO has potential to pocket fresh funds of up to Rp220.40 billion (US$15.41 million) from the rights issue. The corporate action its expecting get an approval from the shareholders on March 30.
According to Wewy Suwanto, president director of the issuer, in a virtual public expose on Tuesday (03/02), with the fresh funding, the provider aimed to improve the business prospects of his company. One objectives are to acquires 97.99 percent shares of PT Abdi Harapan Unggul, an advertising, wholesale and retail trade, e-commerce, and general printing firm.
Roby Tan is the founder of PT Mitra Communications Nusantara Tbk (IDX: MKNT) and PT Kiosan Komersial Tbk (IDX: KIOS). Mitra Communications has been going public in 2015 and have turnover more than Rp1 trillion. The unit oversees a number of companies such as PT Telering Onyx Pratama, PT Mitra Sarana Berkat, and PT Mitra Telindo Nusantara.
Through its subsidiary PT Mitra Sarana Berkat, the telecommunication provider officially took over the majority shares of two affiliated companies, PT Catalist Integra Prima Sukses and PT Kasih Anugerah Kreasi, also PT Arifindo Mandiri. While, Kiosan Komersial engaged in e-commerce company that uses the online-to-offline business model.
Since 2019, Indonesia Stock Exchange simplify the listing process of startup in the local bourse. Now, the regulator prepared a regulation to help startup enter the stock market to adapt the global business development. The Director, I Gede Nyoman Yetna, said in the draft, IDX prepares several alternative listing requirements to accommodates various company characteristics but not limited to unicorn-class startups in Indonesia.
Throughout 2020, the IDX has been in discussions with founders and management of tech firms and investors such as private equity and he is optimistic they can conduct an IPO soon. At the same yeas, total fund raising through public offerings in IDX has reached Rp118.7 trillion and there are 51 companies that have listed at the local bourse. To date there are 713 companies that have listed their shares on the stock market.
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