PT Mas Murni Indonesia Tbk (IDX: MAMI) offered as much as 7.18 billion new shares with target funds Rp718.65 billion (US$49.91 million) - Photo by the Company

JAKARTA (TheInsiderStories) – PT Mas Murni Indonesia Tbk (IDX: MAMI) offered as much as 7.18 billion new shares with target funds Rp718.65 billion (US$49.91 million), said the company today (05/30). The hospitality and property developer set the rights issue price at Rp100 a share.

It said, the planned have get an approval from its shareholders on March 12 and its expecting to be traded  at Indonesia Stock Exchange on June 19 – 25. Along with this rights issue, the company will issue a maximum of 1.80 billion warrants.

In every four new shares are attached to one warrants granted free as an incentive for the  shareholders who exercise their rights. Each holder of one Warrant has the right to buy one series B shares taken from the port with a nominal value of Rp96 a piece. The amount of funds to be obtained if shareholders exercising warrants are a maximum of Rp233.56 billion.

The developer said, one of its shareholders Singapore’ Tumaco Pte. Ltd., will absorb 275 million shares with total amount Rp27.50 billion paid with mandatory convertible bond of PT Indo Udang Mas Lestari. While, PT Sentratama Kencana to absorb 35 million shares with worth of Rp3.50 billion with cash. Acting as a standby buyer for the shares sale is Brentfield Investments Ltd and PT Jasa Puri Medikatama.

The management said, most of the funds Rp481 billion will use to bought convertible bond issued by Tumaco Rp27.50 billion, PT Anugerah Mitra Lestari Rp430 billion, and as much as Rp80 billion to acquire 19 hectares land in Bogor, West Java to build resort, outbound, glamping are also ago and eco tourism.

Mas Murni Indonesia was established on July 27, 1970 based in Surabaya, East Java. At the beginning of its establishment, the Company was named PT Mas Murni changed to Mas Murni Indonesia based in Oct. 21, 1971.

Since Feb. 9, 1994 its shares have been listed on the Indonesia Stock Exchange. The company has 4.19 billion shares listed on the bourse.

Mas Murni Indonesia is the owner and manager of Garden Palace Hotel, Surabaya as well as the owner of Crystal Garden, an apartment block and shopping center which is currently in the status of joint operation with PT Anugerah Mitra Lestari.

The main activities of the company is running a business in the field of Hospitality and Property. Other supporting business activities are running a business in the provision of food and drink, laundry, and accommodation and other services needed for the conduct of business activities.

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