JAKARTA, investor.id – PT Global Mediacom Tbk (BMTR) will issue up to 700 million new shares through additional capital without pre-emptive rights (non-HMETD) or private placement. This MNC Group issuer sets an exercise price of Rp 200 per share. As a result, fresh funds that have the potential to be raised are IDR 140 billion.
Investors responded negatively to the announcement of the implementation price by correcting the BMTR price up to 6.06% to the level of Rp 248 on Thursday trading (13/8). Meanwhile, the average share price of Global Mediacom for the last 25 trading days was around IDR 208.
Global Mediacom scheduled the implementation private placement on August 24, 2020, then the results of the corporate action will be announced on August 26. In the prospectus previously mentioned, private placement this has a 7.53% dilution effect.
Senior Vice President Research Kanaka Hita Solvera Janson Nasrial said, there are many scenarios where companies set prices private placement below market price. One of them is sweetener or sweetener for potential investors. “In private placement It is a pity for the public investors, because they are the ones to be diluted. There are cases where there are companies doing private placement, but after that the share price continued to fall, “he told Investor Daily, Thursday (13/8).
Janson emphasized that if public investors do not want to be trapped in investing in such stocks, they should thoroughly study the company’s corporate action plans. For example, the schedule for the issuance of new shares and observing the HMETD or non-HMETD schemes. “If you want a level playing field, which applies is HMETD. Investors especially retail should really do due diligence, “He explained.
Meanwhile, former Managing Director of the Jakarta Stock Exchange, Hasan Zein Mahmud said that the price private placement below market prices is very detrimental to investors, especially retail. “Private placement below the market price is the same as filling the pocket directly from existing shareholders, “he said.
Hasan assessed that this corporate action contained an element of injustice, it did not use the level principle playing field, even though it was approved by the EGMS. He described, deep tender offer only, controlling shareholders are required to perform mandatory with the exercise price not to be lower than the average price of the last 90 days of trading. “Private placement impact is much bigger for retail investors than it is mandatory, “he said.
For information, Global Mediacom plans to use the proceeds private placement to strengthen the capital structure. The company will reduce debt levels and for working capital in daily operations. The company opens the widest possible opportunity for potential investors who will buy new shares of the company.
Global Mediacom has obtained the blessing of shareholders at the Extraordinary General Meeting of Shareholders (EGMS) August 11, 2020. The company’s shareholder structure as of June 30 is PT MNC Investama Tbk (BHIT) amounting to 50.12% and the public 49.88%.
In the first semester of 2020, the company posted revenue of Rp 5.86 trillion, down 7.84% compared to the same period last year of Rp 6.36 trillion. One of the triggers is the decline in non-digital advertising revenue or conventional advertising which is the main contributor to the company.
Revenue from its subsidiary, PT Media Nusantara Citra Tbk (MNCN), also fell 13.5% on an annual basis to Rp 3.2 trillion. Meanwhile, Global Mediacom’s net profit fell 7.71% to Rp 551 billion in the first half of 2020 compared to the same period last year of Rp 597 billion.
Editor : Jauhari Mahardhika ([email protected])
