JAKARTA – The proceeds of right issue of PT Bintang Samudera Mandiri Lines Tbk (BSML) will be allocated into capital expenditure (55%) as well as obligation payment and working capital (45%).

Based on the short prospectus quoted Monday (22/4), the issuer plans to conduct the rights issue on July 4-17, 2024. Through this corporate action, the proceeds gained by the company falls to a range of IDR 103.20 billion to IDR 120 billion, with an offering price set to IDR 250 to IDR 300 per share.

The allocation of the rights issue proceeds is 55% as capital expenditure, which will be spent on the acquisition of one unit of tug and a unit of barge to its cargo transportation fleet. The remaining 25% will be used to pay off obligations to PT Bank Mandiri (Persero) Tbk (BMRI), while another 20% goes to the company’s working capital.

PT Goldfive Investment Capital (GIC) and Nengah Rama Gautama (NRG), the owner of 46.99% and 14% of BSML, declared to not exercising its rights in this corporate action.

As of now, BSML’s authorised capital clocks up to IDR 148.01 billion, followed by issued and paid-up capital of IDR 46.25 billion, while the stock in portfolio is worth IDR 101.76 billion. The shareholders are GIC of 46.99%, NRG 14%, Pramayari Harian Doktrianto (PHD), Ariyanti Pelita Sari (APS), and David Desanan Anan Winowod (DDAW) of 4% each, and the public 27.01%.

After this rights issue, the issued and paid-up capital of BSML will rise to IDR 50.15 billion, while the stock in portfolio shrinks to IDR 97.86 billion.

Assuming that all shareholders, save for those two mentioned above, will exercise their rights, the shareholders will consist of GIC 43.34%, NRG 12.91%, PHD, APS, and DDAW of 4.49% each, and the public 30.29%. (LK/ZH)