Antam cancels rights issue plan

JAKARTA: State-controlled mining company PT Aneka Tambang (Antam) announced on Friday that it would cancel its plan to issue new shares via a rights issue in May, after failing to complete the necessary requirements for the plan.

In its report to the Jakarta Stock Exchange, Antam said it would need more time to complete the necessary procedures needed for the rights issue. Antam did not provide any detail on the new schedule for the issue.

Antam had previously planned to issue new shares worth around US$31 million to the public, on the tail of the government's plan to sell 14 percent of its shares in the company through the stock market in the second semester of this year.

The government currently holds 65 percent of the company's shares, with the remaining 35 percent owned by the public. -- JP.