Bimantara rights issue plan approved

JAKARTA: Shareholders of telecommunications and media firm PT Bimantara Citra approved on Wednesday the company's plan to sell more of its shares via a rights issue to raise funds for the expansion of its business.

The company said in a media statement that the rights issue would be worth in total Rp 771.9 billion (US$86 million), with a nominal price of Rp 500 per share and an offer price of Rp 2,500 per share.

About 52 percent of the proceeds from the issue will be allocated for infrastructural investment of its telecommunications subsidiary, PT Mobile-8 Telecom, with the remaining 48 percent for its media and broadcasting businesses. -- JP