JAKARTA – After securing approval during EGMS last Friday (15/9), PT Pantai Indah Kapuk Dua Tbk (PANI) is getting ready for public offering with pre-emptive rights, also known as rights issue, of 8 billion shares.

Based on the prospectus in Indonesia Stock Exchange (IDX) website yesterday (19/9), PANI is said to offer 8 billion common shares of IDR 100 each. This number of shares is equal to 37.16% of total issued and paid-up capital after this rights issue.

As the owner of 88.07% of PANI’s shares, PT Multi Artha Pratama (MAP) declares its commitment to exercise its entire allocated rights in this upcoming corporate action. MAP will also step forward as a standby buyer in this rights issue.

For the record, the remainder of PANI’s shares, amounting to 11.93%, belong to public investors. Thus, if the public chose not to participate in this second rights issue, MAP would gain control over 92.5% of PANI’s shares, leaving only 7.5% to retail investors.

PANI is said to have yet come up with the offering price for this rights issue. However, the company has already decided to allocate IDR 9.48 trillion of the proceeds to invest in seven of its affiliates, all engaged in the real estate business. Then, the remaining amount is set to develop its business through subsidiaries.

The company projects that the pre-emptive rights will be distributed on November 29, 2023, followed by the listing on IDX on November 30, 2023. (ZH)