JAKARTA. PT M Cash Integrasi Tbk (MCAS), a digital product distributor and an e-commerce platform, will increase the capital without distributing pre-emptive rights, also known as private placement.

The number of shares offered by MCAS in this private placement is 86,793,330 units of shares, equal to 10% of its issued and paid-up capital of the company.

“Until now, the company has never arranged a capital increase,” the management of MCAS admitted in the information disclosure in Indonesia Stock Exchange (IDX).

MCAS plans to utilise approximately 30% of the proceeds gained in the private placement as working capital. The remaining portion will be allocated for investment purposes.

The private placement of MCAS is projected to result in stock ownership dilution up to 9.09%. “On the other hand, the company's capital structure will be more solid, resulting in increasing the value for its shareholders,” the management of MCAS added.

The management of MCAS has scheduled the Extraordinary General Shareholders Meeting on June 14, 2023, to ask for approval regarding this private placement plan. (KR/ZH)