Paper producer and trading company Fajar Paper(FASW IJ) to do placement after rights issue. FASW announced that it will do a private placement to increase free float from current 24% to be more than 40%. Last week, FASW announced a rights issue plan with 1:1 ratio, maximum 14% of equity.
Exercise price range is Rp1,650-3,000/share, implying range of ~40% discount to 11% premium from yesterday's closing price. With target proceeds ranging from Rp680bn to Rp1.3tn (US$70-140m), FASW will use the proceeds for: 50% to acquire asset for expansion, 35% for loan repayment. Cum date is June 24th (regular and negotiation market) and June 27th (cash market). Ex-date is June 25th and June 28th. (FR CLSA)
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