Benakat to raise funds via private placement

IDX-listed PT Benakat Integra Tbk, which is among others engaged in the provision of integrated coal mining infrastructure facilities in South and East Kalimantan, plans to raise up to Rp 313.97 billion in proceeds via private placement.

Shareholders have approved the proposed private placement during an extraordinary shareholder meeting on December 12, Benakat said in a statement on Friday as quoted by Bisnis Indonesia on Monday.

Under the planned private placement, the company will issue 3.65 billion of new shares to five investors namely PT Risco Ivestama Lestari (which will absorb 36.52% of the shares), Knight Investments Pte Ltd (18.26%), PT Baskara Timur Kencana (18.26%), PT Inti Bumi Artha (18.26%), and PT Geolink Indonesia (8.7%).

The company said that the funds will be used for working capital and finance expansion programs including into power generation. (*)