JAKARTA. PT Communication Cable Systems Indonesia Tbk (CCSI), a fibre optic cable manufacturer, will issue a capital raise with pre-emptive rights or rights issue.

In this corporate action, CCSI will offer 163.63 million shares at most, which are equal to 13.6% of its total issued and paid-up capital. Each share has a face value of IDR 100.

The management of CCSI will ask for approval from its shareholders through the Extraordinary General Meeting of Shareholders (EGMS), which is projected to take place on March 22, 2024. For the record, portions of current shareholders might be diluted by up to 12% should they choose not to participate in the rights issue.

“The company is planning the rights issue schedule according to POJK No. 32/2015, which stated no later than 12 months since EGMS’s approval,” the management of CCSI mentioned in the official statement.

On the same occasion, CCSI also mentioned that the entire rights issue proceeds will be allocated to its working capital.

According to IDNFinancials data, as of now, 39.23% of CCSI are under the control of PT Grahatama Kreasibaru. Mike Santosa has another 20.39% of CCSI, followed by PT Saptadaya Bumitama Persada of also 20.39%, public investors of 10.80%, and Peter Djatmiko of 9.20%. (KR/ZH)