JAKARTA - PT Midi Utama Indonesia Tbk (MIDI) is eyeing IDR 1.24 trillion in fresh funds via the issuance of 4.61 billion shares with an exercise price of IDR 270 per share. This corporate action lasted until (17/7) since Tuesday (11/7).

In the disclosure of information quoted on Tuesday (11/7), 70% of the proceeds from the rights issue will be used for working capital and the remaining 30% will be allocated for capital expenditure, namely, the development of outlets and warehouses in Central Java, Southeast Sulawesi and North Sulawesi.

PT Sumber Alfaria Trijaya Tbk (AMRT), the owner of 25.77 billion shares or representing 89.43% of the total issued and fully paid-up capital, stated that it would transfer it to BCA Sekuritas as a selling agent offering to investors to increase public share ownership.

Currently, MIDI's authorized capital is IDR 900 billion, issued and fully paid up capital is IDR 288.23 billion, which is owned by AMRT 89.43%, Rullyanto 0.42%, Maria Theresia Velina Yulianti 0.23%, Endang Marwati 0.02% , and the public (under 5%) 9.90%.

Assuming that all shareholders take part in this plan, except for AMRT, there will be a change in the percentage of share ownership. Issued and fully paid-up capital will be IDR 309.25 billion with an owner structure namely, AMRT 83.35%, Rullyanto 0.46%, Maria Theresia Velina Yulianto 0.24%, Endang Marwati 0.02%, the public 10.71%, and standby buyers 5.22%. (LK/LM)