DEWA – Proposes non-preemptive rights issue for debt cut

DEWA – Proposes non-preemptive rights issue for debt cut Darma Henwa (DEWA) plans to conduct a Capital Increase Without Preemptive Rights (PMTHMETD) by issuing up to 18.83 bn Series B shares at IDR75 per share, diluting existing shareholders by 46.29%, subject to approval at EGMS on February 13, 2025. The proceeds will be used to partially convert DEWA’s outstanding obligations—IDR756.99 bn to MTN, IDR358.93 bn to ATP, and IDR296.61 bn to AMM—into equity, improving its capital structure and reducing its debt-to-equity ratio. This transaction aims to lower financial liabilities, enhance profitability, and create value for shareholders. As the plan exceeds 20% of the company’s equity, it falls under POJK No. 14/2019 but is not classified as a material transaction under POJK No. 17/2020. In compliance with regulations, DEWA must secure shareholder approval before proceeding with the PMTHMETD. (Source : Emiten News)