Highrank Investment to become Darma Henwa’s new shareholder

PT Darma Henwa Tbk (DEWA) to issue 5.87 billion new shares without pre-emptive rights or a private placement, to pay off debts to Highrank Investment Limited.

To carry out this corporate action, DEWA management will ask for shareholders’ approval through the Extraordinary General Meeting of Shareholders (EGMS) on Friday (26/2).

In an information disclosure on the Indonesia Stock Exchange today, DEWA management said that the issuance of the new shares would be taken by Highrank Investment Limited, in exchange for a debt of US$ 23.8 million which matures on July 1, 2020.

Funds from this debt have previously been used by the company to develop a project in Aceh. With the debt-to-share conversion, Highrank Investment will become DEWA’s new shareholder.

DEWA management estimates Highrank Investment will own 21.18% of DEWA’s shares. Meanwhile 13.76% of shares are owned by Goldwave Capital Limited, 9.06% are owned by Zurich Assets International, and 56% are owned by public investors.