JAKARTA. PT Medco Energi Internasional Tbk (MEDC) will issue 7.5 billion new shares in a rights issue to meet the its working capital requirements.
Medco Energi has set an exercise price of Rp 250 per share, with each holder of five shares entitled to two rights issues and each rights issue entitled to one new share.
In a stock exchange filing on Tuesday (1/9), Medco Energi also said that PT Medco Daya Abadi Lestari, which owns a 50% stake in the company, is prepared to exercise the corporate action, as is Diamond Bridge Pte Ltd which owns a 21.38% share.
So far there has been no standby buyer for the rights issue. Investors that do not exercise their rights in the corporate action will have their ownership diluted by up to 29.50%.
The company’s cum-rights issue is scheduled on September 8 in the regular and negotiation markets, and September 10 in the cash market. The rights issue will take place on September 14-18, 2020. (KR/MS)