{
    "success": true,
    "data": {
        "id": 1512842,
        "msgid": "united-tractors-to-raise-8327m-from-rights-issue-1447893297",
        "date": "1997-09-18 00:00:00",
        "title": "United Tractors to raise $83.27m from rights issue",
        "author": null,
        "source": "JP",
        "tags": null,
        "topic": null,
        "summary": "United Tractors to raise $83.27m from rights issue JAKARTA (JP): Publicly listed PT United Tractors, a major heavy equipment distributor in the country said yesterday that it expected to raise about Rp 241.5 billion (US$83.27 million) from its rights issue later this year. ING Barings, the company's financial advisor, said yesterday United Tractors would seek approval from its shareholders for the planned rights issue at an extraordinary shareholders meeting on Oct. 31.",
        "content": "<p>United Tractors to raise $83.27m from rights issue<\/p>\n<p>JAKARTA (JP): Publicly listed PT United Tractors, a major<br>\nheavy equipment distributor in the country said yesterday that it<br>\nexpected to raise about Rp 241.5 billion (US$83.27 million) from<br>\nits rights issue later this year.<\/p>\n<p>ING Barings, the company's financial advisor, said yesterday<br>\nUnited Tractors would seek approval from its shareholders for the<br>\nplanned rights issue at an extraordinary shareholders meeting on<br>\nOct. 31.<\/p>\n<p>Existing shareholders would have rights to buy one new share<br>\nfor every two shares they hold at Rp 3,500 (US$1.20) each, it<br>\nsaid.<\/p>\n<p>The proceeds would be used to continue the expansion of each<br>\nof its four business divisions of construction machinery, mining<br>\ncontracting, mining and material handling, the securities company<br>\nsaid.<\/p>\n<p>The one-for-two rights issue is scheduled for completion in<br>\nDecember.<\/p>\n<p>United Tractors' president M.A. Imanto said his company<br>\nenjoyed strong stock market support this year before the recent<br>\nturbulence in the regional financial markets.<\/p>\n<p>\"The rights issue will give us the opportunity to explain to<br>\ninvestors the continued excellent outlook for our business,\" he<br>\nsaid.<\/p>\n<p>The company said PT Astra International, which has a 50<br>\npercent stake in United Tractors, had indicated its strong<br>\nsupport for the company and agreed to subscribe all new shares it<br>\nwas entitled to.<\/p>\n<p>Astra International's subsidiary, PT Astra Securities, would<br>\nact as standby purchaser for the public portion of the rights<br>\nissue, the company said.<\/p>\n<p>United Tractors booked Rp 73 billion in net income and Rp 1.98<br>\ntrillion in sales last year, it said.<\/p>\n<p>The company also has extensive business interests in mining<br>\nthrough two of its subsidiaries, PT Pamapersada Nusantara and PT<br>\nBerau Coal.<\/p>\n<p>Pamapersada is the largest mining contracting company in the<br>\ncountry and Berau holds a 30-year concession coal mine in<br>\nKalimantan with 255 million tons of measured reserves. (das)<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/united-tractors-to-raise-8327m-from-rights-issue-1447893297",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}