JAKARTA – PT Sarana Menara Nusantara Tbk (TOWR) is reportedly postponing the capital increase with pre-emptive rights, or rights issue, which is still reporting pending approval from the Financial Services Authority (OJK).

Monalisa Irawan, Corporate Secretary of TOWR, the decision is considering recent macroeconomic situation and market. “It includes stock price trend of the company and internal corporate needs,” said Irawan in the official statement.

For next, the management of TOWR will reevaluate the rights issue structure. “So that it fits better with current economic and market trend,” added Irawan.

TOWR had previously announced the plan of the issuance of 4.99 billion new shares through a rights issue with a ratio of 1,0001:100.

With the exercise price set to IDR 900 per share, this Djarum Group company is projected to raise fresh funds of up to IDR 4.49 trillion from its rights issue.

At last week’s closing, TOWR saw 2.42% or 15-points increase to IDR 635 per share. However, since the beginning of this year, the price has slipped 37.13% or 375 points down. (KR/ZH)