Indocitra waits authority's approval for rights issue

JAKARTA: PT Indocitra Finance Tbk must delay the plan to generate IDR3.6 trillion from rights issue since the Capital Market and Financial Institution Supervisory Agency (Bapepam-LK) has not yet granted the effective notification.After an extraordinary
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News Editor - Bisnis.com 22 Desember 2010  |  10:40 WIB

JAKARTA: PT Indocitra Finance Tbk must delay the plan to generate IDR3.6 trillion from rights issue since the Capital Market and Financial Institution Supervisory Agency (Bapepam-LK) has not yet granted the effective notification.After an extraordinary meeting of shareholders today, a person familiar with this matter revealed that there will be another meeting held on December 30 to partiuclarly discuss the rights issue plan. There will be another extraordinary meeting, the person said.Another person told Bisnis that the company has received approval to reshuffle its Board of Directors and to revise the Article of Association of the financing business following Amstelco Plc's acquisition. Amstelco is a UK investment manager focusing on oil and gas sector.Board of Commissioners, including Rusman, Mansyur and Tarcicius Lamury, will soon be replaced by Noke Kiroyan, Agus Widjojo, and Marzuki Darusman.In the meantime, the directors, Yayah Diasmoro, Hoemar Putranto and Dedet Yandrinal, will be replaced by Robert Bonnier, Didit Hadiatno, Dody Nawangsidi, and Robert Huptje.Most of the fund generated from the rights issue as much as IDR3.51 trillion will be absorbed by Amco Plc, a British company which was founded ahead of the publication of the prospectus on the rights issue.The current shareholder, Mador Investments Ltd, is committed to absorb the remaining shares to be issued. Mador will spend IDR87.85 billion to buy Indocitra's new shares.Before the rights issue, Mador owns 30% shares in Indocitra, while the other shareholder, PT lnkapita Partners, holds 48.84% and public owns 21.17%. After the rights issue, assuming that there are no existing shareholders exercising their rights, Amco will own 94.41% while Incapita has 1.58%, Mador with 3.33% and public with 0.66%. (T04/NOM)

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Editor : Muhammad Fariz Aulia

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