JAKARTA - PT Catur Sentosa Adiprana Tbk (CSAP) is eyeing fresh funds of IDR 857.37 billion via a second phase rights issue of 1.22 billion shares. This plan will take place on (7-13/7).

In the disclosure published on Monday (5/6), the percentage of shares to be issued is equivalent to 21.55% of the total issued and paid-up capital after the rights issue. The share issuance ratio is 91:25 or every holder of 91 old shares is entitled to 25 new shares. The exercise price is set at IDR 700 per share.

The proceeds from this corporate action will be used for working capital for PT Catur Mitra Sejati Sentosa (CMSS), a subsidiary of CSAP and the purchase of 22,070 m2 of land and buildings in Jatisempurna, Bekasi, West Java.

Assuming that the rights issue will be attended by all shareholders, there will be no changes to the issuer's shareholder structure. Later the issued capital will increase to IDR 595.83 billion and portfolio shares to IDR 204.16 billion.

Currently, CSAP's authorized capital is IDR 445.83 billion and portfolio shares are IDR 354.16 billion. The shareholder structure is PT Buanatata Adisentosa 32.01%, SCG Retail Holding Co Ltd 30.89%, NT Asian Discovery Master Fund 13.18%, Albizia Asean Opportunities Fund 10%, Budyanto Totong 5.80%, and the public 8.12%. (LK/LM)