Issuer Owned By Djarum Group, TOWR Will Right Issue Rp9 Trillion

Tower BTS (Photo: Antara)

PT Sarana Menara Nusantara Tbk (TOWR) plans to increase capital by granting pre-emptive rights (PMHMETD) or rights issue of up to IDR 9 trillion.

Citing information disclosure, Wednesday, September 18, the issuer belonging to the Djarum group will use the funds to pay off loans and the Company's working capital and/or PT Professional Telekomunikasi Indonesia (Protelindo).

Meanwhile, Protelindo is a subsidiary whose 99 percent of shares are held by TOWR.

This Right Issue plan is part of the Company's efforts to strengthen the Company's capital structure in order to improve the performance and growth of the Company's business and/or Protelindo. In the event that the Company's shareholders do not implement the Preemptive Rights they have in the PMHMETD plan, the ownership of the Company's shareholders will be diluted.

PMHMETD will be carried out in accordance with POJK No. 32/2015. Therefore, the Company must have obtained approval from the EGMS which will be held on October 25, 2024 or another date set in accordance with applicable regulations.

If PMHMETD does not obtain approval from the EGMS, then the plan can only be re-submitted 12 (twelve) months after the EGMS implementation.

Furthermore, the Company will submit its Registration Statement and supporting documents to the OJK and the Registration Statement must have obtained an effective statement from the OJK before PMHMETD is implemented, provided that the period between the date of approval of the EGMS until the effective Registration Statement is no more than 12 (twelve) months.

Meanwhile, TOWR's share price at the close of trading on September 17 was at IDR 845 per share. In the last 52 weeks, the highest price was at the level of IDR 1,030 and the lowest was at IDR 660.