Right issue, Garuda shareholders potentially diluted 12,48%-

IQPlus - The existing shareholders of PT Garuda Indonesia Tbk ( GIAA ) ready for dilution exposed to approximately 12.48 % to 13.21 % , if not take their rights in corporate actions in the capital market that will be carried by Garuda Management .

Indonesia's national airline it is known will release as much as 3.22 billion series B shares with a nominal value of Rp 459 per share through preemptive rights (HMETD) or referred to as rights issue ( Rights Issue Offer / PUT ) I.

In the prospectus summary, Thursday night , it was mentioned , that Garuda will offer its stock price around Rp 460-500 per unit . Thus , it can be assumed that Garuda Indonesia will obtain fresh funds about Rp 1.48 trillion to Rp 1.61 trillion from this corporate actions .

As each holder 701 409 existing shares registered in the register of shareholders on 4 April 2014 at 16:00 pm , they are entitled to 100,000 HMETD . Where 1 HMETD have Right entitles to the holder to purchase one new share .

Thus , if the existing Garuda shareholders do not buy new shares , the shareholding will be diluted in the amount of material to a maximum of 12.48 % and got priority to the before implementation of MESOP and 13.21 % after the implementation of MESOP .

A breakdown of the results of this corporate actions to be performed by Garuda Indonesia , are about 80 % or amounted Rp 1.18 trillion to Rp 1.29 trillion for the development of a new fleet . After that , about 20% of the proceeds from the rights issue will be used for Garuda working capital .

To establish a rights issue , Garuda Indonesia Management must pocketed the blessing of shareholders . Therefore , Garuda Indonesia will hold a General Meeting Extraordinary Shareholders ( RUPSLB ) on March 24, 2014 to seek approval to this corporate action.