JAKARTA – PT Techno9 Indonesia Tbk (NINE) plans to hold a Limited Public Offering (LPO) I, or rights issue, by issuing up to 2,157,000,000 shares.

The shares will have a nominal value of IDR 10 each and will be issued through a Pre-emptive Rights (HMETD) mechanism in April 2025.

“The main purpose of this corporate action is to strengthen the company’s working capital,” said NINE management in an announcement to the Indonesia Stock Exchange (IDX) on Monday (17/3).

In relation to this plan, NINE will seek approval from shareholders at an Extraordinary General Meeting of Shareholders (EGMS) scheduled for 30 April 2025.

“After obtaining approval from the EGMS, the company will submit a registration statement to the Financial Services Authority (OJK),” the company added.

NINE management stressed that the funds raised from the rights issue, after deducting issuance costs, will be used for working capital to support ongoing operations and business development.

As reported by IDNFinancials earlier, NINE is projected to conduct two stages of rights issues to fulfil the Conditional Share Purchase Agreement (CSPA) requirement related to the acquisition of NINE by Poh Group. (DK/ZH)