Mitra Telekomunikasi prepares for private placement and new controlling shareholder

PT Mitra Telekomunikasi Nusantara Tbk (MKNT) will undertake a capital increase without pre-emptive rights, or private placement, which will alter the company’s ownership structure and introduce a new controlling shareholder. The company’s management stated that this corporate action aims to strengthen the capital structure, improve the financial balance sheet by reducing liabilities, and provide greater scope for future business expansion. Through the private placement, PT Headwell Bintang Energi Hijau (HBEH) is projected to become the new controlling shareholder with ownership of 668 billion shares, representing 64.85 per cent of MKNT’s total shares. Meanwhile, PT Mantra Capital Persada (MCP) is expected to hold 156.49 billion shares, or 15.19 per cent, meaning HBEH and MCP will jointly control approximately 80.04 per cent of MKNT’s shares following the private placement. The management noted that the plan to issue more than one trillion new shares could potentially draw market attention due to the dilutive effect on existing shareholders. In the private placement, the company will issue 1.02 trillion Series B shares as part of a planned financial restructuring and transaction settlement. A total of 822.92 billion shares will be issued to convert debt from creditors into equity, potentially reducing the company’s liabilities significantly. Additionally, 200 billion new shares will be issued to five independent investors who have committed to injecting fresh funds totalling Rp200 billion. The five investors are Suripto, John Veter Firdaus, and Antony Lesmana, each committing Rp50 billion, while Daniel Tejakusuma and Rossa Linna will each inject Rp25 billion. Furthermore, PT Mantra Capital Persada will inject Rp1.56 billion, which will be used to settle the purchase of PT RUM shares through the issuance of 1.56 billion new shares. In terms of business expansion, the company has signed a share purchase agreement related to the acquisition of shares from Headwell Investment Limited and PT Mazon Bumi Mining as part of its restructuring and business development strategy. Following the private placement, MKNT’s management projects that the company’s issued and paid-up capital will increase by approximately Rp1.02 trillion and assets will grow by Rp201.56 billion due to the fresh funds from investors. Meanwhile, liabilities are projected to decrease by Rp822.93 billion through the debt-to-equity conversion mechanism. The company will first seek shareholder approval for the private placement plan at an extraordinary general meeting of shareholders scheduled for 24 August 2026.