{
    "success": true,
    "data": {
        "id": 1057406,
        "msgid": "pt-polysindo-plans-rights-issue-1447893297",
        "date": "1996-05-22 00:00:00",
        "title": "PT Polysindo plans rights issue",
        "author": null,
        "source": "JP",
        "tags": null,
        "topic": null,
        "summary": "PT Polysindo plans rights issue JAKARTA (JP): The shareholders of PT Polysindo Eka Perkasa yesterday approved the management's plan to issue 1.1 billion shares through a limited offering to raise Rp 552 billion (US$235 million). PT Bahana Securities is appointed as standby buyer to purchase all unsold shares, up to a maximum of 317 million shares. A director of Polysindo, R.A. Bratakusumah, said that existing shareholders are eligible to buy as many new shares, at Rp 500, as they have old ones.",
        "content": "<p>PT Polysindo plans rights issue<\/p>\n<p>JAKARTA (JP): The shareholders of PT Polysindo Eka Perkasa<br>\nyesterday approved the management's plan to issue 1.1 billion<br>\nshares through a limited offering to raise Rp 552 billion (US$235<br>\nmillion).<\/p>\n<p>PT Bahana Securities is appointed as standby buyer to purchase<br>\nall unsold shares, up to a maximum of 317 million shares.<\/p>\n<p>A director of Polysindo, R.A. Bratakusumah, said that existing<br>\nshareholders are eligible to buy as many new shares, at Rp 500,<br>\nas they have old ones. Therefore, the rights issue will double<br>\nthe company's total number of outstanding shares to 2.2 billion.<\/p>\n<p>Yesterday each old share was valued at Rp 5,500.<\/p>\n<p>Bratakusumah said that 41 percent of the total proceeds will<br>\nbe used to finance the establishment of a purified terephthalic<br>\nacid (PTA) plant, and to expand the production capacity of the<br>\ncompany's polyester chip unit in Karawang, West Java, and another<br>\nunit in Kendal, Central Java.<\/p>\n<p>PTA is a raw material used in the production of polyester<br>\nchips.<\/p>\n<p>\"Another 44 percent will be used to strengthen our working<br>\ncapital, while the remaining 15 percent is allocated for<br>\nequipment reconditioning at Kendal's unit,\" he added.<\/p>\n<p>Bratakusumah said that the PTA plant will have a production<br>\ncapacity of 340,000 tons per annum and start commercial<br>\nproduction at the end of this year.<\/p>\n<p>He said the expansion projects will increase the company's<br>\nannual production capacity of polyester chips by 330,400 tons per<br>\nannum and the capacity of polyester fiber by 187,200 tons.<\/p>\n<p>The company currently has three plants producing polyester<br>\nchips (with an annual capacity of 50,400 tons), polyester fiber<br>\n(7,200 tons) and polyester yarn (65,000 tons).<\/p>\n<p>\"The expansion is expected to start commercial production at<br>\nthe end of this year,\" Bratakusmah said.<\/p>\n<p>He said that Polysindo will sell all of its polyester fiber<br>\nand will consume part of its PTA and polyester chips to produce<br>\npolyester fiber and yarn.<\/p>\n<p>Polysindo registered a 95 percent increase in net profits to<br>\nRp 210 billion last year.<\/p>\n<p>Net sales rose by 29 percent from Rp 749 billion in 1994 to Rp<br>\n970 billion last year. (alo)<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/pt-polysindo-plans-rights-issue-1447893297",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}