Jakarta - PT Alumindo Light Metal Industry Tbk (ALMI) plans to increase its capital without Pre-emptive Rights through the issuance of a maximum of 3.2 billion shares with a nominal value of Rp250 per share.

Through the issuance of these shares, Alumindo plans to increase its authorized capital to Rp2 trillion. The company will hold an EGMS on August 31, 2021, to seek shareholders' approval regarding the plan to raise capital.

Through this plan to increase capital without pre-emptive rights or private placement, the company hopes to improve its financial position or restructure capital. Currently, ALMI's financial condition is declining, with negative net working capital and liabilities that exceed 80% of assets.

As of December 31, 2020, ALMI's equity was minus US$19,082 million, and its liabilities reached US$120,231 million, which is 118.87% of total assets. During that period, ALMI had debts to related parties of US$53.866 million or appr