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Indonesia's Minna Padi Investama Sekurita to conduct rights issue

PT. Minna Padi Investama Sekuritas Tbk. plans to conduct a rights issue of as many as 11,307,264,524 shares, Netralnews.com reported Feb. 7.

Harry Danardojo, director of the Indonesia-based securities company, said the company's shareholders have approved the proposed rights issue. Minna Padi Investama Sekuritas will submit necessary documents to the country's Financial Services Authority.

Funds raised from the rights issue will be used to increase working capital and finance the company's investment plan.

Regarding the planned acquisition of a majority stake in PT Bank Muamalat Indonesia Tbk, Harry said the company has not yet become a standby buyer for the bank's planned rights issue. His comments follow a report that the securities company failed to acquire Bank Muamalat Indonesia with the expiry of the companies' conditional share subscription agreement on Dec. 31, 2017.