JAKARTA - PT Ancora Indonesia Resources Tbk (OKAS) issues 607.52 million shares to convert its debts of USD 12.35 million to Island Spice Investments Limited (ISIL).

In the information disclosure quoted Monday (10/7), this private placement is intended to pay off OKAS's debts that matured on January 9, 2021. In this corporate action, the company sets the offering price to IDR 320 per share or IDR 194.72 billion of value in total.

After the private placement, the equity of OKAS will rise to USD 25.20 million, thus lowering its debt-to-equity ratio by 680%. This reduction will induce flexibility for the company to seek new alternative financing methods in the future.

The issued and paid-up capital of OKAS increases to 2.37 billion shares after the private placement that took place last week (5/7). (LK/ZH)