JAKARTA. PT Atlas Resources Tbk (ARII), a coal mining company established circa 2008, will increase the capital with pre-emptive rights, also known as rights issue, by offering 319 million new shares.

The total number of shares issued by ARII will be equal to 9.29% of the issued and paid-up capital of the company. Each share has a face value of IDR 200 per share.

“The proceeds gained from the rights issue, after cutting down expenses related to the rights issue, will be entirely utilised by the company to enhance its working capital, especially related to operating expenses (opex),” the management of ARII, mentioned in the information disclosure.

In order to carry out this corporate action, ARII will firstly ask for approval during the Extraordinary General Shareholers Meeting, which is scheduled to take place on June 30, 2023.

For the record, ARII also plans to increase the capacity and the quality of the hub for its coal mining infrastructure. The company aims to improve its working capital and equity in order to secure investments from third parties.

Until December 31, 2022, ARII recorded total assets of USD 448.73 million, while its total equity clocked up to USD 70.23 million. (KR/ZH)