MNC Energy Investments, Conglomerate-Owned Company Hary Tanoesoedibjo Ini Rights Issue, Incar Dana IDR 2.6 Trillion

Illustration. (Photo: Unsplash)

The Financial Services Authority (OJK) gave an effective statement to the millennial company of Hary Tanoesoedibjo, PT MNC Energy Investments Tbk (IATA) for the implementation of pre-emptive rights (HMETD) or Rights Issue. The company issued a maximum of 14,840,555,748 berry B shares offered at an exercise price of Rp 180 with a ratio of 10:13 or 10 shares owned are entitled to get 13 Preemptive Rights. So that this rights issue is worth as much as IDR 2.67 trillion. In IATA's official statement quoted on Wednesday, October 19, it was stated that after the rights issue was implemented, IATA would be directly owned by PT MNC Asia Holding Tbk (BHIT). In addition, the company will provide additional rights by issuing a maximum of 2,968,111,149 series I warrants, of which every 5 shares of the HMETD implementation are attached to 1 series I warrant with an exercise price of IDR 210. All funds obtained will be used to pay off all the company's official notes issued to BHIT by paying with money and/or by converting collection rights into company shares in the context of taking over PT Bhakti Coal Resources (BCR). In addition, the proceeds from the rights issue will be used for capital deposits to PT Bhakti Migas Resources (BMR) for business development investment in the oil and gas sector. BMR is evaluating exploration opportunities in Eastern Indonesia, namely Block Semai III in Papua. The rights issue fund will also be used for capital deposits to BCR for working capital and business development in the coal mining sector. As is well known, the company shifted its main bisinis pillar, which previously engaged in commercial air transportation and air transportation services, to a company engaged in energy and investment that began with acquiring 99.33% of BCR shares, which is the holding company of 8 coal companies located in Musi Banyuasin, South Sumatra. With 1.6 billion mt of coal resources owned by BCR, IATA is taking strategic steps to take advantage of the increasing momentum of coal demand and rising coal commodity prices. IATA views that sharpening focus into energy and investment companies, especially in the coal sector, can help boost the company's business prospects.