JAKARTA – PT White Horse Tbk (WEHA) will initiate a rights issue, offering 813,588,735 shares of IDR 100 each from August 1 to 8, 2022. Half of the proceeds of this corporate action will be spent on new buses, leaving another 30% as capital investments to its subsidiaries and another 20% to the working capital.
In the information disclosure quoted Monday (6/6), the issued and paid-up capital of WEHA will rise by approximately IDR 81 billion, assuming that all shareholders exercise their rights according to their own portions. Its major shareholders in question are PT Panorama Sentrawisata Tbk (PANR), PT Weha Investama (WI), and the public.
With this scenario in mind, WEHA’s issued and paid-up capital will proliferate from IDR 88.64 billion to IDR 170 billion. PANR will claim 44.91% of it, followed by WI of 23.89%, and the public of 31.20%. The authorised capital remains the same pre and post-rights issue, amounting to IDR 170 billion. The stock in portfolio will also be depleted from IDR 81.35 billion to IDR 44.81 billion.
However, should PANR be the only participant in this rights issue, the issued and paid-up capital will only rise to IDR 125.18 billion, and PANR will claim 60.99% of it. WI will get another 16.92%, and the public will gain 22.09%. Originally, PANR has 39.81% of the shares, followed by WI with 21.18% and the public with 31.20%. (LK/ZH)