Jakarta - PT WIR Asia Tbk (WIRG) officially became the 13th listed company on the Indonesia Stock Exchange (IDX) in 2022.

WIR Asia President Director Michel Budi Wirjatmo said all funds from the IPO and the proceeds from the exercise of the warrants would be used for capital expenditures, working capital, and business development of the company and subsidiary companies, particularly in developing a technology based on augmented reality (AR), virtual reality. (VR), and artificial intelligence (AI).

"With the WIR Group's expertise and experience in providing solutions for clients at home and abroad, we are optimistic that we can continue to provide added value for shareholders and contribute to the development of the digital economy in Indonesia," he said in a statement released on Monday (4/4).

The company simultaneously issued 771.23 million series I warrants, free of charge, as incentives for new shareholders. Each holder of 10 new shares is entitled to 3 series I warrants, where every one series I warrant entitles the holder to purchase one new company share issued in a portfolio.

In more detail, around 80.59% of the funds from the IPO will be used by its subsidiaries, PT ARE Teknologi Kreasi (ATK), PT Tiga Akar Dream (TAM), and PT Vatar Media Raya (VMR), for capital expenditures and working capital. The company will use around 7.4% for capital expenditures.

Then, around 6.72% will be used by the company for working capital, and the rest will be used for business development and/or expansion through strategic partnerships with the company and/or subsidiary companies.

Meanwhile, approximately 88.88% of the funds obtained from the exercise of series I warrants will be given to a subsidiary company, namely VMR, for capital and working capital expenditures. Then, the rest will be used by the company for capital expenditures and working capital.

PT Ciptadana Sekuritas Asia is the underwriter for the issuance of securities in this public offering.