JAKARTA. PT Panorama Sentrawisata Tbk (PANR) prepares to issue 600 million shares along with the pre-emptive rights, also known as a rights issue.

The number of shares issued by PANR is equal to 50% of its total issued and paid-up capital. Each share has a face value of IDR 50 and will be offered for a price yet to be named.

Based on the official statement received by IDNFinancials, the entire proceeds of PANR’s rights issue will be used for business expansion. The company also plans to take some of the proceeds to pay off bets and increase working capital.

PANR will ask for approval during the Extraordinary General Shareholders Meeting on February 24, 2023. After obtaining said approval, the rights issue will then take place no later than 12 months after the meeting.

At the same time, PANR plans to issue warrants attached to the rights issue shares. There will be 200 million units of warrants distributed in this corporate action, which are approximately 16.667% of total issued and paid-up capital of the company. (KR/ZH)