Adhi Karya Prepare the Rights Issue of IDR 2 trillion

SOE construction company, PT Adhi Karya (Persero) Tbk plans to issue new shares (rights issue) of about 30% this year to raise around IDR 2 trillion.

Director of Adhi Karya, Kiswodarmawan said it has been approved by the House of Representatives (DPR) to carry out the plan.

Even so, he said, the legislators requested that the government shareholding is not diluted after the new share issue.

In the current portfolio, total shares of Adhi Karya is 5 billion shares.

Kiswodarman reveals rights issue proceeds will be used to finance capital expenditure of the company that routinely reached around IDR 700 billion. In addition, these funds will also be used for the construction of the monorail project Kuningan-East Bekasi and Cawang-Cibubur amount to IDR 1,2 trillion.

Adhi Karya led a consortium to finish a number of projects with five state-owned enterprise, PT Jasa Marga Tbk, PT Telekomunikasi Indonesia Tbk, PT Len Industri, PT Industri Kereta Api (Inka), dan PT Krakatau Steel Tbk.

for Indonesia Market Summaries 21 June 2013