JAKARTA - PT Sarana Menara Nusantara Tbk (TOWR) is aiming for IDR 4.5 trillion of fresh funds by holding a rights issue, the proceeds of which will be allocated to refinance its subsidiary’s obligation. This corporate action plan will require an approval during Extraordinary General Meeting of Shareholders on October 25, 2024.

In the issued prospectus quoted Friday (11/10), TOWR will issue a maximum of 5 billion shares for IDR 900 each. The plan will take place no later than 12 months after gaining TOWR’s shareholders’ approval.

The proceeds of the rights issue will be allocated to pay loan and working capital of its subsidiary, PT Profesional Telekomunikasi Indonesia (Protelindo). However, the detailed amount for each payment has yet to be disclosed.

As of now, this Indeks52 consituent’s authorised capital is reported at IDR 1 trillion or 100 billion shares. Issued and paid-up capital of TOWR is at IDR 510.14 billion or 51.01 billion shares, or 51.01% of total authorised capital.

Soon, the authorised capital will rise to IDR 2.24 trillion or 224.05 billion, while issued and paid-up capital also expands to IDR 560.14 billion or 25% of authorised capital.

Shareholders that do not exercise their rights in this corporate action, the ownership will be diluted by a maximum 9.12%, without including the treasury stock, or 8.93% if considering the treasury stock.

As of September 2024, TOWR’s shareholder structure consisted of controllers of 54.42% and non-controllers of 45.58%. There were 25,199 shareholders being listed, with the ultimate beneficial owner of the shares being Martin Basuki Hartono and Victor Rahmat Hartono. (LK/ZH)