TEMPO.CO, Jakarta - PT Tempo Inti Media Tbk. is planning a rights issue worth Rp100 billion to expand and enhance its capital structure. With regard to the corporate action, the company will be holding an extraordinary general meeting of shareholders today.
Tempo shares continue to rise days before the meeting is held. In yesterday’s trading, the company’s shares under the ticker symbol TMPO was opened at Rp174 and closed at Rp180 per share or up by 6 percent. Some 955,700 shares worth Rp170.8 million were sold. Tempo’s shares has started to rise since Wednesday last week at Rp166 from Rp156 with 721,200 shares being sold worth Rp120.7 million.
Binaartha Sekuritas Analyst Reza Priyambada said that Tempo has rarely carried out corporate actions. Therefore, the company plan for a rights issue has been responded positively by market players. “Because it could be used to develop the business,” he said yesterday.
Tempo Inti Media CEO Toriq Hadad said that rising share price was attributable to the market mechanism ahead of rights issue. “The management has not influenced the market,” he said.
Ahmad Faiz | Larissa Huda