Jakarta, CNBC Indonesia – PT Krakatau Steel Indonesia (Persero) Tbk plans to carry out a corporate action offering capital rights to pre-emptive rights (HMETD) to pay off the company’s debt which reaches Rp 30 trillion.
President Director of PT Krakatau Steel (Persero) Tbk, Silmy Karim explained that the total funds to be raised reached US$ 200 million or Rp 2.8 trillion (Rp 14,000/US$). Even so he could not reveal the exact time this plan will be carried out.
“Depending on the conditions and the results of discussions with the Ministry of SOEs, we will fix a number of strategic plans first right issuesaid Silmy.
However, he estimated the possibility that this plan would be launched, namely in the second semester of 2022 or early 2023.
Until the end of this year Krakatau Steel plans to reduce the amount of debt by half from a total of US$ 2.2 billion or around Rp. 30 trillion from the Master Restructuring Agreement (MRA) signed in 2020.
The funds used to pay debts in 2022 were obtained from several sources, such as company cash flow, asset divestment, rights issue, and the entry of strategic investors.
He outlined the debt payments of cash flow US$ 250 million is also expected to receive US$ 300 million from corporate actions, rights issue of US$ 200 million as backup.
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