JAKARTA. PT Bali Towerindo Sentra Tbk (BALI), a telecommunication tower managing company, will raise its capital without giving preemptive rights, also known as a private placement.

This corporate action has been planned since August 2021. However, after securing approval from its shareholders, BALI has yet to gain an investor in a private placement.

The newly issued shares by BALI in this private placement are common shares that are taken out of its portfolio. The total shares involved in this corporate action are 393,459,250 units, equal to 10% of the company's total issued and paid-up capital.

the management of BALI will once again ask for approval from its shareholders regarding this private placement. The Extraordinary General Shareholders Meeting of BALI is scheduled to take place on May 31, 2023.

As mentioned in the information disclosure in Indonesia Stock Exchange (IDX), BALI plans to use a portion of the proceeds of the private placement to pay off its obligations. It will also utilise some of its portion for working capital, capital expenditure, and business expansion. (KR/ZH)