MedcoEnergi Successfully Closed Trading Period of Fully Underwritten Rights Issue
Media Release
MedcoEnergi Successfully Closed Trading Period of Fully Underwritten Rights Issue
JAKARTA, 21 December 2017 – PT Medco Energi Internasional Tbk (“MedcoEnergi” or the “Company”) successfully closed the trading period for its fully underwritten rights issue. The target proceeds of IDR 2,640 billion (~US $195million) were oversubscribed by ~45%.
The proceeds from the rights issue will be used to repay debt, whilst the proceeds from the exercise of subsequent warrants will be used for working capital and repay debt. The final allotment process together with the refund of excess proceeds will be completed on 27th and 28th December 2017. The first exercise period for warrants will begin on 1 July 2018 with each warrant priced at IDR 625. Further details are available in the Company‘s prospectus filing and newspaper disclosures.
Hilmi Panigoro, President Director of MedcoEnergi, said that, ”I would like to extend my warmest appreciation and gratitude to shareholders, investors, regulators and other stakeholders for their trust and confidence in our business plan as we continue to build shareholder value. The rights issue allows existing shareholders to share in the company‘s recent success and has immediately strengthened the Company‘s capital structure while also providing the foundation for further strengthening as we continue to deleverage”.