PT Transcoal Pacific Tbk (TCPI) intends to raise its capital without pre-emptive rights, also known as a private placement, by issuing 500 million units of new shares.
These new shares are equal to 10% of TCPI’s entire issued and paid-up capital.
The management of TCPI said that until now, there has been no investors that are said to take part in this private placement. “The company will announce more detail regarding potential investors through the information disclosure as dictated by the Financial Services Authority Regulations (POJK) No.14/2019,” the management of TCPI claimed in its official release.
TCPI will ask for approval regarding this plan during the Extraordinary General Shareholders Meeting on January 6, 2023. After securing the green light, the private placement is estimated to take place gradually within the next two years.
The management has yet to confirm their plan on private placement proceeds utilisation. However, based on their official statement, the management believes that this corporate action will improve the company’s capital structure and financial condition. (KR/ZH)
