JAKARTA - PT Matahari Putra Prima Tbk (MPPA) eyes additional IDR 550.01 billion in a rights issue that is scheduled to take place from June 30 to July 6, 2023. The proceeds from this corporate action will be used for refinancing and enhancing working capital.

In the information disclosure quoted Friday (5/5), Sandy Budiman, Corporate Secretary of Matahari Putra Prima, said that after deducting the costs, the proceeds will be utilised to pay some of the debt principal and as working capital to purchase trading goods from suppliers.

The money reserved for debt payment to banks amounts to IDR 150 billion, consisting of IDR 90 billion for PT Bank Negara Indonesia (Persero) Tbk (BBNI) and another IDR 60 billion for PT Bank CIMB Niaga Tbk (BNGA). For BBNI, the obligations will be paid according to the promissory notes of April 18-July 24, 2023, of IDR 45 billion, as well as the second period of May 2-August 1, 2023, of IDR 45 billion. Meanwhile, for BNGA, the debts will be paid according to the promissory notes of February 24-May 24, 2023, of IDR 20 billion, while another IDR 40 billion will be paid according to the promissory notes of March 22-June 21, 2023.

In this corporate action, MPPA will offer 6.87 billion shares for IDR 80 per shares. The ratio is set to 164:133, meaning that for every 164 shares, the shareholder will gain 133 rights over new shares.

The standby buyer for this rights issue will be PT Multipolar Tbk (MLPL), an affiliate of the company. (LK/ZH)