Fashion

Indonesian textile firm Evergreen eyes $2.3 bln from share issue

Evergreen said in an announcement to the Jakarta stock exchange it plans to raise about 30 trillion rupiah ($2.28 billion) by issuing up to 150 billion new shares at an as yet undetermined price.A Reuters calculation shows that would mean the shares will be priced at around 200 rupiah each, a 7 percent premium to the stock’s 187 rupiah closing price on Friday, when Evergreen made the announcement.

Natural Crystal Holding Inc, a private company based in the Virgin Islands, and First Venture Limited together own nearly 60 percent of Evergreen, according to Thomson Reuters data.If its main shareholders do not subscribe to the offering, Evergreen said it will ask a third party, who may include its creditors, to act as a stand-by buyerคำพูดจาก ทดลองใช้ สูตรสล็อต. It did not identify the potential third-party buyer.Members of the public who don’t exercise their rights will see their shareholding diluted to 1.5 percent from 40.53 percent, the company addedคำพูดจาก สล็อตเว็บตรง. The funds from the rights issue will be used to “fulfill our obligations”, it said.Evergreen was not immediately available to comment.At $2.3 billion, Evergreen’s offering would be the biggest equity fundraising in Indonesia since PT Bakrie & Brothers Tbk raised $4.4 billion in 2008.Evergreen shares fell 1.1 percent to 185 rupiah on Tuesday, slightly underperforming the broader Jakarta stock exchange . The Indonesian stock market was closed on Monday for a public holiday.The textile sector is still sluggish due to an oversupply and the rights issue could be a means for the little-known company to pay off its debt, analysts said.Evergreen’s president director, Handy Suryanto, previously held positions at several companies, including as a senior manager for corporate finance and accounting at Asia Pulp and Paper Co Ltd, according to the company’s website.$1 = 13,160.00 rupiah 

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