JAKARTA. PT Wicaksana Overseas International Tbk (WICO), a company engaged in bulk trading of food and beverages, will increase the capital with pre-emptive rights, also known as rights issue, by issuing 1.4 billion series B shares.

Each new share has a face value of IDR 100 and is offered with the same price of IDR 100 per share. With this set price, WICO will potentially gain fresh funds of up to IDR 140 billion at the end of this corporate action.

The management of WICO mentions that approximately IDR 75 billion of the rights issue proceeds will be used to pay off debts to its suppliers. The remaining amount will be channelled to enhance the working capital.

As of now, DKSH Holding AG, the primary shareholder of WICO, which owns 67.99% of he shares, has declared its commitment in exercising its entire right portion in this corporate action. Furthermore, it will also step in as the standby buyer of these new shares of up to IDR 3.81 billion.

Other shareholders, Djajadi Djaja, representing 25.17% of shares, has also declared its willingness to exercise its entire rights in WICO’s upcoming rights issue.

The distribution of pre-emptive rights of WICO will take place on July 13, 2023, while the listing on Indonesia Stock Exchange (IDX) will be held on July 14, 2023. (KR/ZH)