JAKARTA (TheInsiderStories) – After sold the unit stakes to PT Elang Mahkota Teknologi Tbk (IDX: EMTK), now PT Sarana Meditama Metropolitan Tbk (IDX: SAME), plans to releases 5.71 billion new shares or more than 50 percent share of the company, the management announced last week. The funds will be used by the hospital operator for business expansion.
One of the plans to takeover an affiliated company of PT Elang Medika Corpora (EMC), a unit of EMTEK, with total values of Rp1.35 trillion. The management explained, the shareholders not exercise their rights will have a 32.44 percent dilution. The rights issue plans still needs the approval of shareholders on May 10.
The operator of EMC hospital acted as the standby buyer of the new shares offered by Sarana Meditama. For background, on Oct. 16, 2020, EMTEK had acquired 4.24 billion 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.
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