The portion of conglomeration firm, PT Elang Mahkota Teknologi Tbk (IDX: EMTK) in PT Sarana Meditama Metropolitan Tbk (SAME) will become larger followed the new unit plans to releases new shares amounting to Rp1.19 trillion (US$83.51 million) - Photo by the Company

JAKARTA (TheInsiderStories) – The portion of conglomeration firm, PT Elang Mahkota Teknologi Tbk (IDX: EMTK) in PT Sarana Meditama Metropolitan Tbk (SAME) will become larger followed the new unit plans to releases new shares amounting to Rp1.19 trillion (US$83.51 million). Currently, the new shareholders hold 71.88 percent of the operator of Omni Hospital shares.

Based on the disclosure released on Wednesday (03/03), the management announced to release 5.99 billion new shares or 50.42 percent of the issued and fully paid capital with exercise price at Rp200 a share. Each 10,000 shares will be entitled to 10,169 new shares and each one new shares could converts to one new share.

The new shares will be listing on the Indonesia Stock Exchange tomorrow. SAME will uses Rp816.87 billion of proceeds to pay the company’ debt to PT Bank Negara Indonesia Tbk (IDX: BBNI). Then, Rp271.76 billion for equity participation in PT Kurnia Sejahtera Usaha, also to repay the loans to the state lender, and the rest for working capital. Shareholders who do not exercise their rights will experience a 50.42 percent dilution.

On Oct. 16, 2020, EMTEK had acquired 4.24 billion (71.88 percent) shares of PT Omni Health Care from Sarana Meditama at Rp137 a share or in total Rp581.02 billion. The tender offer price set at Rp150 per unit. After this transaction, its estimated that the ownership of the media company will increase to 86.06 percent from initially 71.88 percent and public’ ownerships decreased to 13.94 percent.

Last year, the Omni Hospital managers, announced seeking funds around Rp2 trillion from the rights issue program. All the new shares will absorbs by the conglomeration firm, PT Elang Medika Corpora, a unit of EMTEK with acquisition values of Rp1.25 trillion. The number of shares that will be taken over by the operator is 1.25 million shares or 99.99 percent of the paid-up capital and issued shares of EMC.

Last year, EMTEK also run private placement program by releasing 5.50 billion shares or equivalent to 9.75 percent of the total issued and fully paid capital. The issuer said the proceeds from the corporate action will uses for investment purposes and to liquid the stock trading in the capital market.

Through this program the management could also invite strategic investors who are interested investing their capital in the company. It said, the implementation of the private placement will be carried out not more than two years after the permission is granted at the Jan. 28′ shareholders meeting.

Later, the shareholders will experience a dilution by 8.8 percent. The parent company of television stations, SCTV and Indosiar, has get permit to split the nominal value from Rp200 to Rp20 a unit on Dec. 14, 2020. In the same year, the company owned by Sariatmadja family announced to extend the maturity of the mandatory convertible bond with the principal amount of $70 million.

The unit, PT Elang Andalan Nusantara, has signed an amendment with API (Hongkong) Investment Ltd., to extend the notes period from 12 to 24 months. The notes was issued on March 20. 55 percent of the company owned by PT Kreatif Media Karya, one of the unit of the holding company.

EMTEK is a media group and run two television station, SCTV and Indosiar, through the publicly listed firm, PT Surya Citra Media Tbk (IDX: SCMA). Currently, the issuer plans to buyback shares up to 20 percent of enlarged and paid up capital. For the program, the issuer prepared funds Rp1.3 trillion and had been carried out since Sept. 9 to Dec. 8, 2020.

US$1: Rp14,250

Written by Editorial Staff, Email: theinsiderstories@gmail.com