JAKARTA (TheInsiderStories) – Indonesian infrastructure issuer, PT Acset Indonusa Tbk (IDX: ACST) issued 5.73 billion new shares of 89.11 percent of the company’ issued and fully paid capital, it said on Friday (08/14). Unit of heavy equipment producer, PT United Tractors Tbk (IDX: UNTR) set the rights issue’ price at Rp262 a share and will obtained around Rp1.49 trillion (US$101.36 million).
The company is the great-grandson of PT Astra International Tbk (IDX: ASII), through PT Karya Supra Perkasa with total shares 50.10 percent. United tractors hold about 99.9 percent of the subsidiary’ shares.
Based on the prospectus, the issuer offered every 10,000 old shares converting to 81,788 unit. The holding company will become the standby buyer for the rights issue program if not all shareholders absorbs the stocks. The potential for dilution caused of the rights issue is 89.11 percent.
Before, the rights issue, the shareholders were Karya Supra Perkasa 50.10 percent, PT Cross Plus Indonesia 12.27 percent, PT Loka Cipta Kreasi 5.83 percent, Value Partners High-Dividend Stock Fund 5.51 percent, HPAM Syariah Equity Berkah Syariah Mutual Funds 6.33 percent, and public 19.96 percent. After the rights issue, shares of the parent will remain at 50.10 percent.
The proceeds from the rights issue will be used to pay off part of the builder’ debt from United Tractors. Last year, the parent has provided loans to Acset Indonusa Rp2.4 trillion. The construction firm used the additional funds to finance the construction and infrastructure projects across the nation.
The company eyes a number of toll road projects around the archipelago. In addition, the company also entered into a consortium for the construction of the 36.50 kilometers Cikunir – Ulujami toll road around the Greater Jakarta. The investment cost of the projects is estimated worth of Rp22.5 trillion.
End of last year, Acset Indonusa has completed the development of Jakarta – Cikampek II Elevated Toll Road. This project wass constructed under Joint Operation scheme between state-owned firm, PT Waskita Karya Tbk (IDX: WSKT). This elevated toll road was inaugurated by President Joko Widodo on Dec. 12, 2019 and has functionally operated since Dec. 15, 2019.
The year 1995 was an impetus for the enterprises becoming a construction firm and became a publicly-listed company in 2013.
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