Bimantara rights issue plan approved

Thu, 10 Jun 2004, 00:00 WIB | Source: JP

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

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