PT Adi Sarana Armada Tbk (ASSA) plans to increase its capital by issuing convertible bonds through pre-emptive rights or rights issues worth Rp720 billion.

The International Finance Corporation (IFC) acts as a standby buyer.

President Director Adi Sarana Armada Prodjo Sunarjanto said the number of convertible bonds to be issued was 600 million shares. The exercise price of the convertible bonds is Rp1,200 per share so that the company can raise Rp720 billion funds.

"As planned, these bonds can be converted within two years. It starts from the date of issuance according to the proposed schedule, which is being submitted for approval, to before the due date on June 25, 2023. The number of convertible bonds offered is zero coupon and is issued in scripless form," he said Wednesday (28/4).

Prodjo said that this convertible bond was carried out using financial reports as of December 31, 2020. The company plans to use about 90.38% of the f