SMRU to launch rights issue July 14-25
Friday, June 27 2014 - 10:00 AM WIB
IDX-listed manganese mining firm PT SMR Utama Tbk (SMRU) said it planned to launch rights issue on July 14-25 to raise funds to finance acquisition program.
The company said in a filing with the Indonesia Stock Exchange that about 97 percent of the targeted proceeds, or Rp 1.02 billion, will be used to finance the acquisition of a total of 99.99 percent shares in mining services firm PT Ricobana.
SMRU signed an acquisition agreement in May with PT Baramega Prima Lestari and PT Mitra Prima Sukses Abadi, which respectively owns 70.29 percent and 29.70 percent shares in Ricobana, worth a combined Rp 1.02 billion.
Ricobana provides open pit mining services for coal producers in Indonesia.
Editing by Reiner Simanjuntak