JAKARTA. PT Satria Antaran Prima Tbk (SAPX), an expedition service company widely known as SAP Express, will issue 2.49 billion shares with pre-emptive rights, also known as rights issue.

Each new share issued by SAPX is valued at IDR 100. The offering price will be publicly disclosed after the company held its Extraordinary General Shareholders Meeting on August 21, 2023.

The management of SAPX said that the proceeds gained from this rights issue will be used as working capital. With this extra money, the company will carry out several business expansion initiatives that have been prepared prior to this.

“Therefore, in the long run, it is expected to significantly affect the profitability and cash flow, enhance service quality, as well as accelerating profit growth, market share, business sustainability, and the returns made by the company,” the management of SAPX explained.

According to IDNFinancials data, SAPX’s stock price at today’s (28/7) first session was closed 2.56% or 20 points lower to IDR 760 per share. Assuming that the rights issue price is set to IDR 760 per share, the company will potentially gain IDR 1.89 trillion of fresh funds at the end of this rights issue. (KR/ZH)