Medco?s rights issue oversubscribed
Thursday, December 21 2017 - 02:57 PM WIB
IDX-listed energy company PT Medco Energi Internasional Tbk announced on Thursday it has concluded the trading period of its rights issue, which has been oversubscribed.
The company said in a statement that the proceeds target of Rp 2.64 billion (about US$195 million) was oversubscribed by about 45 percent.
As has been previously reported, proceeds from the one-for-three rights issue, with each new share receiving a detachable warrant to purchase a further share in the future, will be used to repay debts. Proceeds from the warrants will be used for working capital and repaying debts.
Medco said that the process of the final allotment and the reimbursement of the excess proceeds from the rights issue will end on December 27 and 28.
The company said that the first period for the implementation of the warrants will start on July 1, 2018 at an exercise price of Rp 625 per share.
Editing by Reiner Simanjuntak