ACompany Owned By The Conglomerate Hary Tanoesoedibjo Seeks New Investors To 'Help' Develop Lido City Area

Conglomerate Hary Tanoesoedibjo. (Photo: Instagram @hary.tanoesoedibjo)

JAKARTA - MNC Lido City regional development company, PT MNC Land Tbk (KPIG) plans to carry out corporate action, namely the addition of capital through the right to pre-order securities (PMHMETD) or rights issue as much as 8.06 billion shares. That is equivalent to 10 percent of the total number of shares that have been placed and fully paid in the company.

Quoted from MNC Land's statement on the Information Disclosure Page of the Indonesia Stock Exchange (IDX), Thursday, May 20, the old shareholders were diluted or did not exercise the right to buy the new shares. As a result, the company owned by the conglomerate Hary Tanoesoedibjo will partner with new investors to absorb the rights issue.

"The Company intends to issue new shares with a par value of IDR 100 per share", explained MNC Land management.

The period of implementation of this capital increase itself will be carried out within 2 years from the date of the Extraordinary General Meeting of Shareholders (EGMS) which approves this Capital Increase. The meeting will be held on June 25, 2021.

Later, the company's shareholders will experience a decrease (dilution) of share ownership proportionally in accordance with the number of new shares to be issued, which is as much as 9.09 percent.

The funds obtained from the rights issue will be used by the Company to finance the development and development of projects in KEK MNC Lido City .

MNC Land is currently focusing on the development of MNC Lido city's special economic zone (KEK). KEK MNC Lido City is wholly owned by KPIG which stands on a land of 3.000 ha. MNC Lido City is surrounded by a population of more than 70 million people and direct access to toll roads from Jakarta.

MNC Group Executive Chairman Hary Tanoesoedibjo said that MNC Land is not just a property company. Focusing on world-class Entertainment Hospitality, KPIG is building innovative projects that breakthrough such as KEK MNC Lido City, which has gained tourism special economic zone status.

By carrying out the largest "Integrated Tourism Destination" in Southeast Asia, KEK MNC Lido City will support government programs for new tourist destinations while increasing Indonesia's GDP.

"The development in KEK MNC Lido City is specially designed to attract all types of tourists, from families to shopping enthusiasts and everyone in-between", he said.