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11/6/11

TBLA issue new shares to pay off the debt of U.S. $ 6.5 million?

JAKARTA. New PT Tunas Lampung Tbk (TBLA) will issue new shares without pre-emptive rights (ER) to pay off debts to UOB Kay Hian Pte.Ltd. Private placement in accordance with the debt restructuring agreement and the settlement agreed upon by the Company and UOB Kay Hian in late July.


"Total debt worth U.S. $ 10 million, amounting to U.S. $ 3.5 million had the company pay off in cash. The remaining amount of U.S. $ 6.5 million will be paid with new shares, "said Hardy, Company Secretary TBLA to KONTAN, Friday (4 / 11).
Repayment of debt worth U.S. $ 3.5 million was made on August 18, 2011. Being the remaining debt will be repaid along with diterbitkannnya new shares at December 14, 2011.
"With the repayment of the debt to equity ratio will fall," said Hardy. As an illustration using a book report in June 2011 of 1.5 times the company DER, the DER liability repayment is to be 1.38 times.
DER of 1.56 times above the company's industries by 0.84 times. Unfortunately TBLA management declined to say how the company DER projections at the end of the year, after the company pay off the debt. Hardy said the company's clear there are no plans to pay off other debts until the end of the year.
For that the company will issue 200 million new shares. The amount is equivalent to 4.05% of all shares issued and fully paid shares in the company. With the price of the stock offering valued at Rp 620 per share. This price is haraga average for 25 days before announcing the call TBLA EGM. The total value of issued shares worth Rp 124 billion.
Because new shares issued only to UOB Kay Hian, changes the composition of shareholders TBLA. Old shareholders will be diluted approximately 4.05%. As of June 30, 2011 TBLA composition of shareholders, the public at 43.27%, 29.87% of PT Sungai Budi, PT Budi Delta Self-employment 26.14%, PT Budi Acid Jaya Tbk 0.62%, 0.05% and Santoso Winata Widarto 0.05%.
With the influx of UOB Kay Hian TBLA the composition of shareholders will be the community of 41.51%, 28.66% of PT Sungai Budi, PT Budi Delta Self-employment 25.08%, PT Budi Acid Jaya Tbk 0.60%, Santoso Winata 0, Widarto 05% and 0.05% and UOB Kay Hian Pte. Ltd. amounting to 4.05%.
Although diluted, according to management TBLA with increasing market shares in circulation could increase the liquidity of stock trading company. This Palm issuers will implement a general meeting of shareholders on Wednesday (9 / 11) later to seek shareholder approval for such action.
source: kontan.co.id
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