Bakrie & Brothers issues MCB $75m converted to 17.45% shares

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PT Bakrie & Brothers Tbk (IDX: BNBR) to issue a five-year mandatory convertible bond (MCB) worth Rp990.6 billion (US$75.05 million) with price RP50 a share to repay debts to five creditors. The bonds will be converted into BNBR’s 19.8 billion new shares or about 17.45 per cent of the enlarged capital with the conversion carried out through a non-preemptive rights issue mechanism. The company will ask the shareholder approval on June 2. The five lenders of BNBR are Daley Capital Limited, Interventures Capital Pte Ltd, Smart TreasuresLimited, Harus Capital Limited, and PT Maybank Kim Eng Securities. Bakrie & Brothers pocketed Rp 4.6 trillion of revenue last year, a 26.8 drop from the same period in 2014 of Rp 6.37 trillion. In line with the revenue slump, the company also recorded a net loss of Rp 1.75 trillion.

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Source: The Insiderstories
Bakrie & Brothers issues MCB m converted to 17.45% shares



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