Medco hopes to raise Rp 2.67t via rights issue

IDX-listed energy company PT Medco Energi Internasional Tbk is seeking to raise up to Rp 2.67 trillion in proceeds via rights issue which hopefully could be completed in December of this year.

Medco last week filed the required prospectus with the financial authority. According to the prospectus, the company will also issue warrants to the buyers of the new shares. The warrant holders will be given option to purchase more new shares between July 2018 and December 2020.

Proceeds from the rights issue will be used to repay loans, while proceeds from the warrants will be used for working capital and repaying loans. (*)