MNC group, owned by media tycoon Hary Tanoesoedibjo, plans to
acquire an insurance company through its unit PT MNC Kapital
Indonesia, said CEO Darma Putra.
He added MNC Kapital had secured shareholders' approval in
an extraordinary meeting on June 20 to raise up to 2.34 trillion
rupiah ($198.5 million) from a rights issue, releasing a maximum
of 2.62 billion shares or 65.6 percent of its enlarged capital
at a price of 900 rupiah per share. The firm will use part of
the proceeds to finance the acquisition.
MNC Kapital is targeting net profit of 100 billion
Indonesian rupiah this year, compared with net profit of 6
billion Indonesian rupiah a year earlier. The firm booked net
profit of 16 billion Indonesian rupiah in the first quarter of
this year. (Kontan)
Note: Reuters has not verified this story and does not vouch
for its accuracy.
($1 = 11,790 Indonesian rupiah)
(Compiled by Jakarta Newsroom; Editing by Anand Basu)