Dayaindo to Raise Rp1.89 Trillion from Rights Issue

Indonesia Finance

Friday, 25 June 2010 06:59

PT Dayaindo Resources International Tbk (KARK) will issue pre-emptive rights of 18.9 billion units with a price of Rp105 per share. The company expects to raise up to Rp1.98 trillion from the rights issue.

Under the rights issue scheme, each existing shareholder who holds two old shares has the right to subscribe 21 new shares.

The company said in a published prospectus on Thursday that Chungrim Co. Ltd, will act as the standby-buyer of the rights issue, with a commitment to subscribe as much as 14.61 billion shares. Currently, Manhattan Asset Management holds 24.32 percent of Dayaindo Resources shares while the public investors hold 75.88 percent. After the rights issue, assuming Chungrim purchased 14.61 billion of the new shares, Manhattan shares would dilute to 22.83 percent, Chungrim with 70.99 percent and the public would dilute to 10.17 percent.

The company said it will allocate 47.86 percent of the rights issue proceeds or Rp950 billion to raise equity its subsidiary PT Dayakonsesi Energi to 70 percent. Of the Rp950 billion funds, Rp350 billion will be used by PT Dayakonsesi Energi to acquire shares of PT Anugerah Tompira Nikel and Rp600 billion will be used by Dayakonsesi Energi to develop Anugerah Tompira’s nickel project.

Around 30.78 percent of the rights issue proceeds or Rp610.96 billion will be used to raise equity in subsidiary firm PT Dayainfrastruktur Sempurna to 80 percent. Dayainfrastructure will use Rp100 billion of the funds to acquire PT Belang Belang Coal Terminal, while Rp510.96 billion will be used by Dayainfrastruktur develop coal project of PT Belang Belang Coal Terminal.

Meanwhile, the remaining 21.2 percent or Rp420.62 billion will be used to strengthen its working capital. The remaining proceeds will be used for rights issue costs.

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