JAKARTA – The stock of PT Pantai Indah Kapuk 2 Tbk (PANI) has skyrocketed by up to 1,201% since taken over by Agung Sedayu and Salim Groups on October 8, 2021. This stock price surge is driven by major capital booked by both investors, aiming to promote expansion in the property sector in Pantai Indah Kapuk, Jakarta.

Based on data compiled by IDNFinancials today (4/6), the stock price, at morning session, reportedly arrived at IDR 5,025, declining from yesterday’s (3/6) closing price at IDR 5,075. However, its stock price has significantly soared since PT Multi Artha Pratama (MAP) acquired 80% of its shares on October 8, 2021, in which transaction price was stuck at IDR 390 per share.

At that time, the number of shares owned by MAP clocked up to 328 million, consisting of Hendra Hasan Kustarjo’s of 110 million shares, Fredyanto Oetomo of 100 million, Prill BP Soetantyo of 50 million, and other shareholders’ of 68 million shares. The transaction price, at that time, was set to IDR 165 per share, or total IDR 54.12 billion.

Under MAP, this company has conducted several rights issues. At Phase I, in August 2022, PANI scored IDR 6.56 trillion following the issuance of 13.12 billion shares worth IDR 500 each. Then, at Phase II, in December 2023, this company received extra IDR 10.48 trillion after issuing 2.09 billion shares worth IDR 5,000 each. The proceeds were then utilised to acquire land in PIK worth IDR 9.4 trillion, and another IDR 990 billion was channelled as investment in its subsidiary, PT Panorama Eka Tunggal (PET).

This year, PANI aims to raise extra capital through a private placement by offering 1.56 billion shares or a maximum of 10% of current issued and paid-up capital of PANI, of 1.56 trillion shares. PANI’s total assets will then increase to IDR 46.63 trillion from IDR 34.93 trillion. This surge results from current assets’ growth from IDR 18.63 trillion to IDR 26.39 trillion, while total equity increases to IDR 27.05 trillion from IDR 19.35 trillion. (LK/ZH)