JAKARTA. PT MNC Energy Investments Tbk (IATA), a mining holding company under MNC Group, will arrange a capital raise without pre-emptive rights or private placement, issuing 2.52 billion series B shares.

The number of shares issued in this corporate action is equal to 10% of IATA’s issued and paid-up capital. Each share has a face value of IDR 50.

There have been no investors named as the participant in this private placement. However, IATA believes that this corporate action will increase its working capital reserves.

The working capital will then be channelled to IATA’s subsidiaries through loan facility and additional working capital injection. Some of these subsidiaries include PT Putra Muba Coal, PT Bhumi Sriwijaya Perdana Coal, PT Indonesia Batu Prima Energi, and PT Arthaco Prima Energy.

The management of IATA will first ask for approval from the Extraordinary General Shareholders Meeting regarding this private placement plan. The meeting is scheduled to take place in Jakarta on June 16, 2023. (KR/ZH)