JAKARTA – PT Midi Utama Indonesia Tbk (MIDI) plans to raise funds via the issuance of 461,176,480 shares of IDR 100 each. All proceeds from this rights issue will be used as a working capital and to fund investments to the subsidiary.

Quoted today (12/1), Suantopo Po, Corporate Secretary of MIDI, claimed that the company will ask for approval from its shareholders regarding this rights issue plan during the Extraordinary General Shareholders Meeting on February 17, 2023. “The requirement regarding the final offering price for the rights issue will be issued in the prospectus,” he said in the information disclosure.

The shareholders that choose not to participate in this corporate action will have their portions diluted by 13.79%.

Until December 2022, MIDI reportedly had 2.88 billion shares, 89.43% of which belongs to PT Sumber Alfaria Trijaya Tbk, leaving the remaining 10.57% to the public. (LK/ZH)