JAKARTA - PT Techno9 Indonesia Tbk (NINE) will increase its capital with a rights issue worth IDR 3.3 trillion.

The corporate action is a condition of the Conditional Share Purchase Agreement (CSPA) between NINE and Poh Group. As idnfinancials.com previously stated, Poh Group is a Singapore company that will acquire 70% of NINE's shares.

In the agreement, there are several conditions that must be fulfilled by NINE. First, this technology issuer must hold a rights issue worth IDR 80 billion. Then NINE must also carry out the next rights issue worth US$200 million or around IDR3.2 trillion.

Third, NINE must also acquire a majority stake in Poh Resources Pte. Ltd.

‘If the takeover plan has been completed, the new prospective controller (Poh Group) will conduct a mandatory tender offer, based on the Financial Services Authority Regulation (POJK),’ said Nuzwan Gufron, President Director of NINE, in a disclosure submitted to the Indonesia Stock Exchange (IDX).

Since the end of last year, NINE's share price has surged more than 1,000% to IDR 204 per share, at the close of trading last week. Currently, the IDX is suspending the trading of NINE shares in all markets. (KR/LM)