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Medco to raise Rp1.94 trillion from rights issue

JAKARTA (  -PT Medco Energi Internasional Tbk (MEDC) plans to raise Rp1.943 trillion from issuing new shares (rights issue), amounting to 1.306 billion units of shares, the company said in a statement. Shareholders who will not exercise their rights will see their shareholding to be diluted to a maximum of 27 percent.

The proceeds of the rights issue will be used to strengthen the company’s capital. The rights issue is pending on the approval of the company’s shareholders. Of the proceeds, 70 percent will be used to repay matured debts and 30 percent for working capital, including for future acquisitions. (*)

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