JAKARTA. PT Sejahtera Bintang Abadi Textile Tbk (SBAT) or SBA Textile would issue 3.57 billion new shares at most alongside preemptive rights, also known as a rights issue.
It is an approved plan of capital raise by its shareholders on July 26, 2021. Then, aside from offering shares, SBAT would also issue Series II Warrants of 280 million share at most.
Jefri Junaedi, President Director of SBA Textile, claimed that the company had secured the effective statement from the Financial Services Authority (OJK) regarding the said rights issue and warrant issuance. In the information disclosure in Indonesia Stock Exchange (IDX) today (1/11), Junaedi mentioned several key dates in connection with the rights issue.
Preemptive rights would be distributed to old shareholders named in the Shareholder List by November 10, 2021. Meanwhile, the distribution itself would take place on November 11, 2021, while the recording would follow the next day on November 12, 2021.
It has yet to be specified about the party to be the standby buyer for this corporate action. According to idnfinancials.com, 43.69% of SBAT’s shares were controlled by Tan Heng Lok, while another 9.31% were claimed by PT Industri Telekomunikasi Indonesia (Persero). Lastly, public investors share the remaining 47%. (KR/ZH)