PT Elang Mahkota Teknologi Tbk (EMTK) or Emtek completed the additional capital without pre-emptive rights or a private placement worth Rp9.29 trillion.

Naver Corporation, H Holdings Inc, and several well-known domestic investment fund managers absorbed the new shares.

Domestic institutional investors consist of PT Asuransi Allianz Life Indonesia, PT Ashmore Asset Management Indonesia Tbk, PT Manulife Aset Manajemen Indonesia, PT Batavia Prosperindo Aset Manajemen, PT Elbara Perkasa, and PT Syailendra Capital.

"The funds received by the company after deducting costs related to the private placement will be used for investment and working capital for the company and its subsidiaries," said management in an official statement, Tuesday (6/4).

For information, Naver Corp is a company listed on the South Korean stock exchange. The company focuses on developing applications and content, including LINE messenger. Emtek's management did not explain in detail the portion of the new shares absorbed by Naver.

Emtek issued 4.75 billion new shares with an exercise price of Rp1,954 per share. The company's shares after the private placement increased to 61.19 billion shares, from the previous 56.43 billion shares.

This action had previously obtained shareholder approval at the Extraordinary General Meeting of Shareholders (EGMS) on February 18, 2021.