Friday, June 21, 2013

Jaya Konstruksi will issue new shares with Preemptive Rights scheme

PT Jaya Konstruksi Manggala Pratama Tbk (JKON) will issue new shares with Preemptive Rights scheme or rights issue. The discussion about rights issue will be held at the Annual General Meeting of Shareholders (EGM) JKON on June 24.

JKON are planning to issue 326.17 million new shares, or the equivalent of 10% of the total issued and fully paid at par value of IDR 100 per share. But, the price offered to the market later at IDR 1,400 per share. JKON targeting to collect IDR 456.64 billion in fresh funds from this corporate action.

According to the plan, JKON's rights issue will be published with 9:1 ratio. This mean that each shareholder who owns 9 stocks whose names are recorded in JKON's shareholder register on July 4, 2013, are entitled to one Right. But, if the rights issue is not absorbed, JKON appointed PT Indopremier Securities as standby buyer.

Fresh funds will be allocated for shares investments in two JKON subsidiaries, PT Jaya Beton Indonesia (JBI) and PT Jaya Trade Indonesia (JTI) amounting to Rp 25 billion each. While the remainder will be used by management to finance subsidiary for highway construction projects and JKON sanitation entities.

for Indonesia Market Summaries, 21 June 2013

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