Matahari to arrange rights issue up to IDR 800 billion to strengthen working capital
JAKARTA. The retail company, PT Matahari Putra Prima Tbk (MMPA), would launch a rights issue, or a private placement, of a maximum IDR 800 billion. The fund would be allotted to the company’s working capital improvement.
The Corporate Secretary of Matahari, Putra Prima Danny Kojongian, explained that the company is still at the early stage of right issue preparation. Therefore, further information, including the availability of strategic investors, remains limited.
“For starter, the indicated capital improvement was at IDR 500 billion to IDR 800 billion range. It was intended to reinforce the company’s working capital,” Kojongian stated in an incidental public expose on Thursday (29/4). He claimed that the rights issue would be conducted within this year.
Kojongian also explained that the company is currently undergoing several business development strategies, including supporting omnichannel, network and logistics, as well as big data analysis skills.
The Director of PT Multipolar Tbk, Agus Arismunandar, on a different occasion, stated that his company would increase its ownership of MMPA through the said rights issue. Multipolar previously sold 11.9% of MMPA’s shares, whose profit was invested back to MPPA to build up its financial structure. (AM/ZH)