In need of extra capital, Fitra Hotel to set up rights issue of 50% shares
JAKARTA. PT Hotel Fitra Internasional Tbk (FITT), the managing company of Hotel Fitra, is planning capital increase through pre-emptive rights or rights issue of 726.13 million shares or equal to 50% of issued and paid-up capital of the company.
Each new share issued by FITT through the rights issue has a face value of IDR 100 per share. With the offering price set to IDR 100 each, FITT will potentially raise IDR 72.61 billion of fresh funds from this corporate action.
FITT’s rights issue will be conducted using a ratio of 1:1, meaning that the owner of one share is entitled to receive one pre-emptive rights, in which one pre-emptive right can give the holder the right to purchase one new share for IDR 100.
Several shareholders have declared their readiness to exercise their rights in this corporate action of FITT, namely PT Gloria Inti Nusantara, Jon Fieris, and Hendra Sutanto.
The management of FITT said that approximately IDR 69.31 billion of rights issue proceeds as capital investment to subsidiary. The remaining amount will be used as working capital.
The distribution of pre-emptive rights is due June 27, 2024, while the listing is set to June 28, 2024. (KR/ZH)