JAKARTA - PT Summarecon Agung bk (SMRA), a property developer, is targeting IDR 1.5 trillion in funds by conducting a second rights issue in the first semester of 2021. The proceeds from this corporate action will be allocated 58% for working capital.
In a brief prospectus quoted on Thursday (8/4), SMRA plans to offer 2,622,368,000 shares or 15.4% of the company's paid-up and issued capital after this corporate action. As of March 9, 2021, SMRA's authorized capital was recorded at IDR 2.5 trillion, issued and paid up capital of IDR 1.44 trillion, and the shareholder structure, namely PT Semarop Agung (SA) 33.78%, PT Sinarmegah Jayasentosa (SJ) 6, 60%, and society 59.62%.
After this corporate action, the issued and paid-up capital increased to IDR 1.53 trillion. With the assumption that only SA participated in this corporate action, the shareholder structure would be SA 37.61%, SJ 6.21%, and the public 56.17%. SA will remain the controlling shareholder in SMRA.
Later, the proceeds from this rights issue will be used for working capital, to pay off Shelf Registration Bonds III, and 28 percent to pay off part of the principal debt in banks. SMRA plans to develop a number of property projects in Bogor, including the Summarecon Mall Bogor and transportation-based business and commercial development. (LK/LM)