MTEL - Reports IPO proceeds use exceeds 75%

Dayamitra Telekomunikasi (MTEL) reported that the company has spent IDR14.1 tn out of IDR18.8 tn or 75% of IPO proceeds, leaving the remaining proceeds of IDR4.35t n. Meanwhile, IDR2.95 tn of proceeds was spent for organic business expansion, which is below previous projection of IDR7.31 tn, and the remining IDR9.3tn and IDR1.84 tn were for capex and capital working. (Source : Investor Daily)