JAKARTA. PT Pantai Indah Kapuk Dua Tbk (PANI), a fishery product processing and cold storage issuer, will issue as many as 8 billion new shares by providing pre-emptive rights (HMETD) or rights issue.

The number of shares to be issued by PANI is equivalent to 59% of the issued and fully paid capital. Each share has a nominal value of IDR 100.

In today's trading, PANI's share price closed up 2.79% to a level of IDR 1,840 per share. With this price assumption, the company has the potential to reap fresh funds of up to IDR 14.72 trillion from the rights issue.

Later, PANI plans to allocate most of the proceeds from the IPO for the investment of new shares in a number of subsidiaries. The rest will be used for the company's business development, through its owned subsidiaries.

PANI will seek approval from the Extraordinary General Meeting of Shareholders (GMS) on September 15, 2023, before carrying out the rights issue. The results of the Extraordinary GMS will be announced on September 19, 2023. (KR/LM)