JAKARTA. PT Gaya Abadi Sempurna Tbk (SLIS), an electric vehicle (EV) manufacturer under the brand Selis, will issue 2 billion new shares with pre-emptive rights, also known as rights issue.

The number of shares issued by SLIS is equal to 50% of its issued and paid-up capital post rights issue. Each share has a face value of IDR 50.

The price for the rights issue shares is yet to be decided by SLIS. However, the company has announced that it will use 1:1 ratio in this rights issue, meaning that one old share is exchangeable with one pre-emptive rights, which could be used to purchase one new share.

In the official statement received by IDNFinancials, Selis Investama Indonesia (SII) has declared its decision not to exercise its rights over 1,125 billion shares issued by SLIS. Those unexercised rights will not be transferred to other investors.

SLIS’s rights issue is scheduled to commence on April 13, 2023, followed by the listing of new shares on Indonesia Stock Exchange (IDX) on April 17, 2023.

SLIS plans to utilise its entire proceeds of the rights issue to enhance its working capital, including channelling some of extra funds to its subsidiary, PT Juara Bike. (KR/ZH)