JAKARTA – PT Communication Cable Systems Indonesia Tbk (CCSI) is preparing to conduct a Rights Issue, or Capital Increase with Pre-emptive Rights (PMHMETD), amounting to 133.33 million new shares.

According to a disclosure from the Indonesia Stock Exchange (IDX) today (30/12), the exercise price has been set at IDR 383 per share, potentially allowing CCSI to raise up to IDR 51 billion through this corporate action.

"Each holder of 9 existing shares recorded in the Official Register of Shareholders (DPS) by 4 PM on January 8, 2024, will be entitled to 1 pre-emptive right (HMETD)," the company said. Each right entitles the holder to purchase 1 new share.

The listing date on the exchange is scheduled for January 10, with the trading and exercise period for the rights running from January 10 to 16, 2025.

As of September 2024, according to IDNFinancials, PT Grahatama Kreasibaru (GK) controls 39.22% of CCSI's shares, followed by PT Saptadaya Bumitama Persada and PT Lingkar Matra with 20.39% each, and Peter Djatmiko with 9.20%. The public holds the remaining 10.8% of shares.

However, all four non-public shareholders of CCSI have stated they will not participate in this corporate action and will transfer their rights to Central Business Alliance Pte Ltd, acting as the standby buyer.

Based on the rights issue prospectus, Central Business Alliance Pte Ltd is expected to claim a 10% stake in CCSI post-rights issue, assuming that it will take over all these new shares.

It is worth noting that, according to IDNFinancials, Central Business Alliance Pte Ltd is a Singapore-based company established on June 15, 2021, operating in the wholesale trade sector with no specific dominant product. (ZH)