PT Krakatau Steel Tbk (KRAS) plans to issue mandatory convertible bonds series B amounting to Rp800 billion, which will be converted into new shares in the company.

Based on KS's disclosure of information to the IDX, on Wednesday (23/6), to realize the plan, the company will seek approval from shareholders by holding an Annual GMS on July 29, 2021.

The plan to issue series B convertible bonds is to increase capital without Pre-emptive Rights at a maximum of 10%. Thus, KS will continue to actively participate in the Government Investment Program in the context of National Economic Recovery due to the Covid-19 pandemic by moving the steel industry market back during the Covid-19 pandemic to help downstream industries and national user industries.

The issuance of the Series B convertible bonds is also in increasing capital which aims to improve financial position. The company will use the convertible bonds to support liquidity,  to finance the com