JAKARTA - The shareholders of PT TBS Energi Utama Tbk (TOBA) agreed upon the plan of the management to raise additional funds via rights issue and private placement. This decision was made during the Extraordinary General Meeting of the Shareholders of TOBA last week (8/6).

In the minutes of meeting quoted today (13/6), TOBA will issue 1.39 billion shares of IDR 50 each. The shares offered in the rights issue are new shares that will be listed on Indonesia Stock Exchange (IDX).

The shareholders also agreed that the proceeds of this corporate action will be used for investment purposes and funding general operational activities. The rights issue will take place no later than 12 months after gaining approval from shareholders.

On top of this, TOBA's shareholders also greenlit the plan of private placement to support its Management and Employee Stock Option Plan (MESOP) program. The number of shares issued will amount to 161.36 million of IDR 50 each.

Both of these corporate actions are projected to be carried out within the next five years since approval yesterday. As of now, the decision regarding the offering price has yet to be made. (LK/ZH)