PT Tiphone Mobile Indonesia Tbk (JKSE:TELE) announced a private placement of 638,050,000 common shares at IDR 812.20 per share for gross proceeds of IDR 518,224,210,000 on June 24, 2014. The company will issue the shares to PT Premises Integration Service Indonesia. The transaction represents 10% of the total issuance being made by the company. The transaction is expected to close in the third quarter. On completion of the transaction, the company will issue the remaining 20% through the warrants or will be sold to the founding shareholders of the company. The mode of issue for the remaining 20% of the issuance is yet to be determined. The company expects to receive a minimum of IDR 600,000,000,000 to a maximum of IDR 800,000,000,000 in total funding.

On September 18, 2014, PT Tiphone Mobile Indonesia Tbk closed the transaction. The company issued 638,051,347 shares at IDR 812.22 per share for total gross proceeds IDR 518,238,065,060. The company issued the shares to existing investor, PT. PINS Indonesia. On conclusion of the transaction, the investor will now hold 25% stake in the company.