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TOBA sets up rights issue to advance EV business

www.idnfinancials.com

Wed 03 May 2023, 12:00 PM

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PT TBS Energi Utama Tbk (TOBA) seeks additional capital to further advance its electric vehicle (EV) business by issuing 1.39 billion shares in a rights issue. In the information disclosure quoted Wednesday (3/5), Pingkan Ratna Melati, Corporate Secretary of TOBA, said that all the shares that will be offered in the upcoming corporate action is valued at IDR 50 each.

This rights issue will then raise its own issued and paid-up capital by approximately 17.3%. Thus, the shareholders that refuse to exercise their rights in this corporate action will have their portions diluted by 17.4%. After the rights issue, TOBA also plans to arrange a private placement, related to the Management Employee Stock Option Plan (MESOP), which will also increase the capital by 21.1%.

These plans will be further discussed and decided during the Extraordinary General Shareholders Meeting scheduled on June 8, 2023. The proceeds are said to be allocated to promote new and renewable energy (NRE) development, as well as electric cars. Until March 2023, TOBA recorded 8.08 billion shares, 5.54% of which belong to PT Bara Makmur Abadi (BMA), followed by Bintang Bara BV of 7.527%, PT Toba Sejahtera of 9.976%, Highland Strategic of 61.77%, and public investors of 15.187%.

Source: https://www.idnfinancials.com/news/46748/toba-sets-rights-issue-advance-ev-business

Image source: www.idnfinancials.com

Source Link: https://www.idnfinancials.com/news/46748/toba-sets-rights-issue-advance-ev-business

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