JAKARTA – PT Multi Artha Pratama (MAP) announced its commitment as the standby buyer in the issuance plan of 13.12 billion shares in a rights issue conducted by PT Pratama Abadi Nusa Industri Tbk (PANI), scheduled for August 4, 2022. So far, the offering price has yet to be disclosed.
In the short prospectus quoted Tuesday (14/6), MAP, which is listed as the owner of 80% of PANI’s shares, declared its commitment to exercise the rights of its entire portion of 10,496,000,000 shares in said corporate action. MAP also stated its readiness in taking over unclaimed shares of other shareholders in the rights issue.
PANI’s current authorised capital clocks up to IDR 2.78 trillion, while its issued and paid-up capital reached IDR 41 billion. MAP has 80% of them, while the public shares another 20. Additionally, its stock in portfolio is worth IDR 59 billion. After this transaction, the issued and paid-up capital will rise to IDR 1.35 trillion. Assuming that MAP is the only party that exercises its rights, the shareholder structure will change into MAP of 99.39% and the public of 0.61%. Then, its portfolio stock will increase to IDR 1.43 trillion.
The entire rights issue proceeds, amounting to IDR 6.49 trillion, will be utilised for business expansion, investing on soon-to-be-issued shares of BKS, PANI’s affiliate in the real estate industry, which reached 51% of BKS’s total issued and paid-up capital. Then, the remaining portion will go to the working capital. (LK/ZH)