PT Bakrie & Brothers Tbk (BNBR) plans to convert some debts through offering new shares (rights issue) and issuing mandatory convertible bonds (MCB). It will seek approval from shareholds on the said plan in the extraordinary general meeting (EGM) scheduled for June 20, 2017. BNBR plans to convert debts of some creditors such as Credit Suisse, Singapore branch amounting US$70.42 million and Daley Capital Limited (US$7.48 million debt). The rights issue or convertible bonds would total 20.75 billion units, representing maximum 15.46% of BNBR’s enlarged shares capital. The rights issue price is set for Rp50 per unit. At 11.09 am Jakarta time, BNBR was traded flat at Rp50 per share.
