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The Bondholders Association (ABO) is asking the ACRA rating agency to revise the assessment of the M.video retailer, according to a letter from the association’s chairman Alexei Afonin addressed to the agency’s general director Vladimir Gusakov, which Vedomosti has read. After the start of the special operation, M.video was forced to quickly reorganize the processes of procurement and delivery of goods, as well as additionally finance the working capital necessary for the purchase of goods abroad, ACRA wrote in March 2023. The company’s revenue in 2022 decreased by 15.5 % year-on-year to RUB 402.5 billion, while net loss increased 2.5 times to RUB 10.3 billion.

In March, ACRA downgraded M.video’s rating to A from A+ (the outlook remained stable) due to an increase in the debt burden. Category A ratings characterize the borrower’s reliability as moderately high. The agency believed that the company’s leverage would improve, noting the strong market position and the high assessment of M.video’s business profile.

2023-09-05 22:02:41
#Investors #asked #revise #credit #rating #M.video

Jakarta –

Companies engaged in the plantation sector palm, PT Nusantara Sawit Sejahtera Tbk (NSS) plans to conduct an initial public offering (IPO). The shares offered to the public were 3.568 billion shares.

NSS President Director Teguh Patriawan said the number of shares offered represented 15% of the issued and paid-up capital after the IPO.

“The NSS share price offered to the public is in the range of Rp. 122 to Rp. 190 per share,” he said in a written statement, Sunday (19/2/2023).

This IPO was preceded by an initial offer (book building) on 17-22 February 2023. “Fresh funds that could potentially be raised by NSS are between IDR 435.32 billion and IDR 677.96 billion,” he said.

Teguh said, concurrently with the IPO, NSS shares also issued 1.784 billion series I warrants or 8.82% of the total issued and fully paid shares at the time the registration statement for the IPO was submitted.

Each holder of two new shares has the right to obtain one series I warrant, where each holder of one series I warrant has the right to purchase one new share at an exercise price of Rp. 182 to Rp. 285 per share. If the series I warrant holders are entirely executed, NSS will receive Rp 324.709 billion to Rp 508.473 billion.

According to Teguh, the company will use the IPO proceeds to finance the construction of production facilities, financing new investment and working capital for subsidiaries.

The funds will be channeled through the equity participation mechanism to three subsidiaries as needed, namely PT Borneo Sawit Perdana (BSP) by 42.40%, PT Bina Sarana Sawit Utama (BSSU) by 47% for capital expenditure needs to make investments. new oil palm plantations.

The remaining 10.6% of the IPO funds will be used by PT Prasetya Mitra Muda (PMM) for working capital in purchasing fertilizers and agricultural chemicals.

Meanwhile, the funds obtained by the company from the results of the exercise of the series I warrants will all be used for capital expenditures for subsidiaries with an equity participation mechanism. The NSS shares and warrants with a nominal value of IDR 50 per share will be listed on the IDX on March 10, 2023.

“We hope that the Financial Services Authority (OJK) can issue an effective statement for the IPO on February 28, 2023,” he said.

(acd/dna)

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