Headquarter of PT Rimo International Tbk - Photo by the Company

JAKARTA (TheInsiderStories) – After changed its business from retailer to property developer, PT Rimo International Tbk (IDX: RIMO) planned to offer 4.09 billion shares or 10 percent of fully paid up capital through private placement. The approval from its shareholders its expected raised on Dec. 6, 2018, said the company on Thursday (25/10).

By its share’s closed at Rp154 per share today, the company may earn Rp629.86 billion (US$41.90 million) from the private placement.

Based on the announcement, RIMO will use the funding to repay its loan to PT Mulia Manunggal Karsa worth of Rp150 billion and some affiliated parties. The loan taken on December 2017 and has one year maturity with 6 percent interest rate.
For your information, last year, RIMO has issued 40,59 biliion shares from previously only held 100 thousand shares. At that time, the publicly listed firm earned Rp4.1 trillion from the rights issue.
The funding was used for acquiring PT Hokindo Properti Investama (HPI)  and paying some obligations and working capital of the acquired company. After acquiring HPI is increasingly focused on running its business in the property sector.
Currently, RIMO has a large land bank throughout Indonesia, especially in Java and Kalimantan. Several projects being worked on by the company is the South Hills apartment and housing project in South Jakarta.
RIMO also has planned to develop integrated super block with an area of ​​296 hectares (ha) in Sumbawa, started the 200-hectare Puncak Golf and Resort project in Puncak, West Java. In this project, RIMO took Jack Niklaus Design Company as the designer.
The company also launched a simple housing project to support the one million government housing program of 1,000 ha which is located in Mampawah, Pontianak. Furthermore, there are other projects located in Serang and Bandung in West Java, Kendari in Southeast Sulawesi and Balikpapan in East Kalimantan.
The majority shareholders of RIMO are President Director of property developer PT Hanson International Tbk (IDX: MYRX) Benny Tjokrosaputro and its brother Teddy Tjokrosaputro. Both owend 15.69 percent at the company. While, the largest portion hold by public 78.81 percent, and Retail Development Group Ltd., 5.5 percent.
Written by Staff Editor, Email: theinsiderstories@gmail.com