JAKARTA – PT Astrindo Nusantara Infrastruktur Tbk (BIPI) seeks fresh funds in a private placement. The proceeds will be utilised for business expansion and working capital improvement.

In the prospectus quoted Tuesday (21/2), Ray Anthony Gerungan, Director of Astrindo Nusantara Infrastruktur, confirmed that the company plans to issue 5.79 billion shares, which are 10% of BIPI’s entire issued and paid-up capital in December 31, 2022. The plan will then be further discussed during the Extraordinary General Shareholders Meeting on February 23, 2023.

Approximately 40% of the private placement proceeds will be used to expand its business and acquire several potential projects. These include expanding infrastructures, conventional-energy-based power plants, and mining areas. Then, the remaining 60% will be allocated to the working capital.

This corporate action will raise BIPI’s assets by USD 37.98 million, bringing them from USD 1.13 billion to USD 1.17 billion. Its equity also increased from USD 540.45 million to USD 578.4 million. (LK/ZH)