JAKARTA. PT Sarana Menara Nusantara Tbk (TOWR) plans to conduct a capital raise with preemptive rights, also known as rights issue, to collect fresh funds of up to IDR 9 trillion. 

This corporate action will be held by TOWR after obtaining approval from Extraordinary General Meeting of Shareholders, which is scheduled to take place on October 2, 2024.

The management of TOWR has yet to determine the number of shares to be issued in the upcoming corporate action, as well as the offering price.

In the official statement, the management of TOWR said that the proceeds of the rights issue will be used to pay loans and working capital of the company. Furthermore, some portion will be allocated to pay loan and enhance working capital of its subsidiary, PT Profesional Telekomunikasi Indonesia (Protelindo).

According to IDNFinancials data, TOWR was closed at IDR 845 per share yesterday (17/9). Assuming that the company will use this price for the rights issue, estimated number of shares to be issued will reach 10.65 billion shares. (KR/ZH)