Sucaco's rights shares<\/p>\n
JAKARTA (JP): Shareholders of PT Supreme Cable Manufacturing
\nCorporation (Sucaco) approved yesterday the company's plan to
\nissue 22.84 million rights shares at Rp 3000 (US$1.31) each,
\nSucaco president Elly Soepono said.<\/p>\n
Of the Rp 68.5 billion (US$29.9 million) to be generated from
\nthe rights share issuance, Rp 48 billion will be used to purchase
\nnew machines, Rp 13 billion to increase working capital and Rp
\n6.8 billion to repay bank loans.<\/p>\n
Holders of two existing shares will, on Nov. 20, be eligible
\nto buy one rights share.<\/p>\n
At a press conference following the shareholders' meeting,
\nElly said that the rights issue is intended to strengthen capital
\nstructure in line with the company's plan to double the
\nproduction capacity of electric cables for medium voltage and
\ntelephone cables next year.<\/p>\n
According to Sucaco, PT Telkom, the state-owned
\ntelecommunications operator, annually buys 25 percent of its
\ntelephone cables and the state-owned electricity company PT PLN
\nbuys 50 percent of its electric cables. (10)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/sucacos-rights-shares-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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