JAKARTA: Bakrie family's holding company, PT Bakrie & Brothers Tbk (BNBR), raised US$109 million from equity linked notes issuance.
During the information disclosure to Indonesias Stock Exchange (IDX) yesterday evening, the companys Director and Corporate Secretary R.A. Sri Dharmayanti said that such note was issued on December 16 2010 after Bakrie signed a subscription agreement with Eurofa Capital Investment Inc.The notes mature on 16 December 2015, she said.In such information disclosure, Bakrie did not specify the future aim of the proceed derived from the notes issuance.Sri Dharmayanti added, referring to the agreement, the notes holder have the rights to convert the principal amount of the notes into Bakrie & Brothers stocks.Nonetheless, when Bakrie is required to give the stock to the notes holder, the company poses the option to pay at the most US$109 million to the notes holder in order to fulfill the entire or part of such conversion rights.Besides, the note holders may ask Bakrie to pay the entire or half of such principal amount according to the agreement of equity linked notes.Such notes issuance is not categorized as a material transaction. (t02/wiw)
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