JAKARTA. The shareholders of PT M Cash Integrasi Tbk (MCAS) have given approval for the plan of capital increase without pre-emptive rights or private placement.

Said decision was announced by Rachel Stephanie Marsaulina, Corporate Secretary of MCAS, in a public expose held earlier today (14/6). However, as of now, there have been no strategic investors announced by the company.

“There has yet to be a definitive investor. We have yet to disclose [said information]. After the private placement, we will definitely disclose the name,” Marsaulina confirmed.

Zefanya Angeline, Vice President Group Head of Investor Relations at MCAS, mentioned that this private placement is not only intended to raise funds for the company’s general needs, but also to enhance its capital structure.

The enhancement of this capital structure, Angeline said, will surely differ from other funding options, such as bank loans or bonds issuance. “So that it will not affect our profitability,” she added.

As informed by IDNFinancials before, MCAS is planning to issue 86.79 million new shares in this private placement. They are equal to 10% of the issued and paid-up capital of the company. This upcoming corporate action will be MCAS’s first private placement since being publicly listed on Indonesia Stock Exchange (IDX) in November 2017. (KR/ZH)