CarrierNet

CarrierNet: Group proposed subscription with Tres Maria Capital Ltd to which the subscriber has agreed to pay for 1,025m new ordinary shares in the share capital of the Company at $0.011/ share. Tre Maria Capital has total interest of 33.32% of existing shares; Tre Maria is owned by Mr. Sugiono Wiyono Sugialam, president director/ CEO of PT Trikomsel Oke Tbk. Indonesia's first and leading Indonesian public listed company dealing in retail and distribution of telecommunication and multimedia products. Upon completion of the proposed subscription and assuming all 1,025m subscription shares are allotted and issued, the subscriber’s shareholding in the Company will increase to approximately 53.72%, triggering a mandatory general offer. Proposed Subscription is to allow the Company to raise gross proceeds of $11.3m will be used towards reducing loans owing by the Company to financial institutions and also as working capital purposes for the expansion of the Company’s business of the distribution of mobile communication devices. CarrierNet trades at 10.6x P/E, 8.7x P/B.