INCO – To do rights issue at IDR3,050 per share

INCO – To do rights issue at IDR3,050 per share Vale Indonesia (INCO) will do a rights issue of 603.44 mn new shares at IDR3,050 per share this month based on AGMS' decision, back on April 19, 2024. INCO would raise around IDR1.84 tn, which a IDR1.46 tn will be used for capex and the rest is for its working capital (IDR0.38 tn). Note that, this rights issue is in accordance with the fulfillment of INCO's 14% share divestment to MIND ID. As a result, Vale Canada will hold 33.9% of INCO' shares and MIND ID will hold 34% of INCO' shares, which is after the rights issue process is carried out (joint controllers of INCO). INCO shareholders who do not exercise their rights in the rights issue will experience dilution of share ownership around 5.73%. (Source: Bisnis Indonesia)