JAKARTA. PT Panca Mitra Multiperdana Tbk (PMMP), a shrimp processing and trading company, will issue 235.3 million new shares with pre-emptive rights, also known as a rights issue.

The number of shares issued by PMMP is equal to 10% of its total issued and paid-up capital. Each new share will be issued from the stock portfolio and records a face value of IDR 100.

In order to proceed with this corporate action, PMMP must first ask for approval from its shareholders. The Extraordinary General Meeting of Shareholders regarding this plan has been scheduled to take place on October 11, 2023.

“The entire proceeds gained from this rights issue, after deducting emission costs, will be used by the company as its working capital,” the management of PMMP revealed in the information disclosure in Indonesia Stock Exchange (IDX).

Until today, PMMP has yet to specify the name of the standby buyer for this rights issue. However, the management also mentioned that this corporate action will not modify the composition of its controlling shareholder. (KR/ZH)