JAKARTA. PT Panca Mitra Multi Perdana Tbk (PMMP), a company engaged in shrimp processing and wholesale trading industry, will issue a capital increase without pre-emptive rights, also known as a private placement.

The number of new shares that will be issued by PMMP in this corporate action is 258.83 million shares, which are equal to 10% of total issued and paid-up capital. Each new share will be issued out of the stock portfolio, with a face value of IDR 100 each.

The management of PMMP will ask for approval from the Extraordinary General Meeting of Shareholders on April 5, 2024 regarding this private placement plan.

“All proceeds scored by the company from this private placement, after cutting off emission costs, will be utilised by the company to enhance its working capital,” said the management of PMMP, in the official statement.

Until now, there has yet to be a party named as the potential investor in PMMP’s private placement. The management of PMMP also mentioned that this corporate action will not alter the position of the controlling shareholder of the company, but will still potentially dilute the ownership percentage of old investors by up to 9.09%.

According to IDNFinancials record, as of now, 39.09% of PMMP are under the control of PT Tiga Makin Jaya. Then, another 22.41% belong to Soesilo Soebardjo, followed by Martinus Soesilo of 7.73%, Hirawan Tedjokoesoemo of 7.27%, PT Harapan Bangsa Kita of 0.77%, and public investors of 22.73%. (KR/ZH)