Jakarta, CNBC Indonesia – Price sShares of listed companies providing wifi modem rental services PT Yelooo Integra Datanet Tbk (YELO) soared at the close of the first trading session today, Tuesday (9/11/2021).
The increase occurred as the company has set a theoretical price for YELO shares in order to issue new shares with Pre-emptive Rights (HMETD) aka rights issue of Rp 157/share.
According to data from the Indonesia Stock Exchange (IDX), YELO’s shares jumped 33.76% to Rp 210/share in the first half of today’s trading. The transaction value of YELO’s shares was recorded at Rp 2.07 billion with a trading volume of 10.23 million shares.
The transaction value of YELO’s shares was recorded at Rp 80.34 billion.
Previously, in an information disclosure on the IDX, Monday (8/11), YELO’s management announced the theoretical price of YELO’s shares for bargaining guidelines and the calculation of the IDX Stock Price Index at a price of Rp. 156.8 or adjusted to the h . fractionprice to Rp 157/share.
The price is valid starting trading in the regular market and the negotiating market on Tuesday (9/11).
Meanwhile, YELO’s share price at the end of the cum date in the regular market was recorded at Rp 384/share.
For information, the theoretical pricing of YELO shares above is related to the company’s corporate rights issue.
The theoretical share price is the price applied by the exchange as a guide to bargaining for shares at the start of the first trading in the regular market after the issuance of new shares.
The theoretical price is the adjustment price between the market price and the rights issue redemption price.
This is a stock exchange mechanism so that post-rights issue so that the issuer’s market capitalization does not spike suddenly, especially when rights issue which is done in issuing a large number of shares at a redemption price below the market price.
In the rights issue prospectus issued on November 1, 2021, YELO offered a maximum of 1,832,000,000 (1.83 billion) New shares or 80% of the total issued and paid-up capital after PMHMETD I with a par value of Rp100 per share and Series I Warrants.
Each holder of 1 old share whose name is recorded in the Register of Shareholders of the Company on November 10, 2021 at 16.00 WIB is entitled to 4 Rights.
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Photo: Theoretical price of YELO, IDX rights issue Theoretical price of YELO, IDX rights issue- – |
In this case, each 1 HMETD gives the right to its holder to purchase as many as 1 new share at an exercise price of Rp100 per share.
Thus, the amount of funds that will be received by YEL in this rights issue is Rp 183.20 billion.
In this rights issue, the two main shareholders of YELO, PT Agung Innovation Teknologi Indonesia (AITI) which holds 41.785% of YELO’s shares and PT Prima Network Distribution (PJD) which owns 17.213% of shares, will not exercise their Preemptive Rights.
Later, the two companies transferred their Preemptive Rights to PT Artalindo Semesta Nusantara (ASN) amounting to 639.40 million and 55.60 million shares, respectively.
After the implementation of the rights issue, there will be a change of operator which was previously controlled by AITI to be controlled by ASN.
The proceeds from the rights issue, assuming Rp 183.20 billion with an inbreng share of Rp 97.50 billion, will be used by the company for a number of the company’s business plans.
First, Rp 69.50 billion will be used to acquire 69.85% shares of PT Abdi Harapan Unggul (AHU) owned by ASN with a deposit in the form of inbreng with the Company’s shares totaling 695 million shares.
Second, Rp 28 billion to acquire 28.14% or 280 thousand shares of AHU owned by Roby Tan (RT) with a deposit in the form of inbreng as RT as a standby buyer; or purchase of AHU shares belonging to the RT if there are community shareholders who exercise their Preemptive Rights.
Third, if there are still remaining funds after being used for the above acquisitions, the proceeds from the public offering will be used for the Company’s working capital, namely the purchase of data/pulse package supplies to support the connectivity business.
This corporate action has received the approval of the shareholders through the Extraordinary General Meeting of Shareholders (EGMS) on August 16, 2021.
Meanwhile, the implementation and trading period of HMTED YELO took place on 12-18 November 2021.
CNBC INDONESIA RESEARCH TEAM
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