JAKARTA – The shareholders of PT Catur Sentosa Adiprana Tbk (CSAP) approved the rights issue plan in order to advance the new outlet expansion until 2030. Accordingly, the authorised capital will rise from IDR 600 billion to IDR 800 billion.

Idrus Widjajakusuma, Corporate Secretary of CSAP, confirmed that the company had obtained approval from its shareholders for this rights issue plan. “With this approval on hand, the company may raise its capital to promote sustainable performance of the company, especially the expansion in the modern retail sector,” he added.

The company will reportedly issue 1.5 billion shares of IDR 100 each.

This year, the management will open up five new Mitra10 outlets so that it may realise the target of 50 new outlets. By 2030, CSAP’s total stores are expected to reach 100 units. The modern retail outlets are established to maximise the business potential in the building material and home improvement sectors in Indonesia.

The management is optimistic about attaining IDR 17 trillion of revenue and IDR 244 billion in 2023. Therefore, the company has allocated IDR 1.3 trillion of capital expenditure, 85% of which will be utilised for modern retail development, leaving the remainder for distribution. (LK/ZH)