JAKARTA. PT Pyridam Farma Tbk (PYFA) will issue 16 billion new shares by providing Pre-emptive Rights (HMETD) or rights issue.

Each new share has a nominal value of IDR 100 per share. The exercise price of the shares will be determined later.

The number of shares that will be issued by PYFA through a rights issue is much larger, compared to the company's current number of outstanding shares which was recorded at 535.08 million as of 30 September 2023. Therefore, the certainty of the number of shares to be issued will be announced again after the company receives approval from shareholders.

The agenda for the PYFA Extraordinary General Meeting of Shareholders (EGMS) is scheduled for January 4, 2024, to continue the rights issue plan.

Based on its official statement, PYFA will use the proceeds from the rights issue to strengthen the company's capital structure. Apart from that, the proceeds from the rights issue will be used to support the company's operations, investment and funding. (KR/LM)