JAKARTA (TheInsiderStories) – Medical services company, PT Sejahteraraya Anugrahjaya Tbk (IDX: SRAJ) seeks funding around Rp1.32 trillion (US$91.67 million) from rights issue program, the management announced yesterday. The operator of the Mayapada Hospital network plans to releases 12 billion common shares or 50 percent of issued and fully paid up capital.
According to the director, Arif Mualim, the shares will convert with the company debt Rp791.91 million to PT Surya Cipta Inti Cemerlang and the rest will be used for working capital, 58 percent distributes for its subsidiaries, PT Nirmala Kencana Mas, 21 percent for PT Sejahtera Inti Sentosa, and 21 percent for PT Sejahtera Abadi Solutions.
Sejahteraraya set the exercise price at Rp110 a share, where each rights convert to as much as one share. The new shares will trade on the Indonesia Stock Exchange starting April 28 to May 5. The company has appointed PT Ficomindo Buana Registrar as the share administrator and the executing agent.
He conveyed, the hospital owned by Indonesian tycoon, Dato’ Sri Tahir, hope with the additional shares will make the company stock more liquid in the market. The company is targeting the opening of a new hospital to complete its network into four hospitals. So far, their hospital network consists of Mayapada Hospital Tangerang, Mayapada Hospital South Jakarta, BMC Mayapada Hospital Bogor, and Mayapada Hospital Kuningan, South Jakarta.
In the first nine month of 2020, Mayapada Hospital earned Rp811.74 billion in revenues or grew by 5.47 percent compared to same period of last year. However, the general and administrative expenses higher than revenues growth and as a result the issuer posted a net loss Rp54.39 billion from a year ago Rp2.41 billion.
Currently, Sejahteraraya shares owned by Surya Cipta Inti Cemerlang with 59.99 percent, High Pro Investments Ltd., by 18.17 percent, Bnym S/NV hold 9.63 percent, and public 12.21 percent.
Beside divesting the hospital manager’ shares, Mayapada Group has sold his Indonesian assets in the form of a building owned to PT Bank Mayapada Internasional Tbk (IDX: MAYA) with a fantastic value of Rp3.5 trillion. After the asset sales, the funds will injected back to the funds to increases the capital of the lender to anticipate the impact of the worsening domestic economy due to the COVID-19 outbreak.
The controlling shareholder has made the capital increase twice. First, through the sale of assets, in the form of three buildings and through a cash injection of Rp252.09 billion to private bank. Early of this year, the issuer offered as much as 4.99 billion series B shares and has the potential to raises Rp1.99 trillion with an exercise price Rp400 a unit.
Based on the public information, Bank Mayapada said every 5,000 old shares is entitled to 3,659 pre-emptive rights and has the right to buy one new share at a price of Rp400. PT Mayapada Karunia as the main shareholder, stated that it would take part in this limited public offering by purchasing at least 1.32 billion shares.
No further information on the other shareholders like Cathay Life Insurance Co. Ltd. (37.33 percent), Galasco Investments Ltd., (12.67 percent), Dato’ Sri Tahir (4.56 percent) and Unity Rise Ltd (7.31 percent). While, the remaining shares owned by public amounted to 7.21 percent. Recently, Taiwanese financial company through its subsidiary, reportedly planned to enlarge its ownership in the bank built Tahir to above 40 percent
To meet the healthcare needs of Indonesia’s growing middle-class, Mayapada Group started the healthcare business in the late 2000s. With two international standardized hospitals and soon to be launched clinics chain, the Group believes it can satisfy and fulfill the growing demands and needs of Indonesians who often seek treatment abroad.
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