JAKARTA – PT Indonesia Prima Property Tbk (OMRE) has paid off its debts of IDR 577.58 billion owed to PT Manning Development (MD) after concluding its rights issue.

In the information disclosure quoted Thursday (19/1), Neneng Nurjanah, Corporate Secretary of Indonesia Prima Property, said that after the rights issue, OMRE’s capital structure has improved as the liabilities decrease and the equity rises (debt-to-equity ratio).

The company had wrapped up its rights issue yesterday (16/1), raising IDR 529.27 billion, which are converted to shares for MD, and another IDR 48.31 billion as cash payment for MD. OMRE and MD are reportedly affiliated as they share the key shareholder and management.

As of January 16, 2023, OMRE’s authorised capital is at IDR 1.9 trillion. They comprise series A of IDR 1,000 each worth IDR 495 billion in total and series B of IDR 200 each worth IDR 1.40 trillion in total. The issued and paid-up capital is set to IDR 985.04 billion, 43.987% of which belongs to First Pacific Capital Group Limited, followed by MD with 38.551%, and public investors of 17.462%. (LK/ZH)