JAKARTA. PT Satria Antaran Prima Tbk (SAPX), a logistics and delivery service provider, announces the cancellation of its capital raise with pre-emptive rights, also known as rights issue, which had been planned a year ago.

Budiyanto Darmastono, President Director of SAPX, mentioned that this cancellation is a decision made by the management due to the global market and economic condition that are deemed inconducive lately. “Therefore, it led to the discussion between the company and the potential investors that fails to reach an agreement,” he added in the information disclosure in Indonesia Stock Exchange (IDX) today (5/4).

Darmastono said that there will be no significant impact caused by this annulment of rights issue plan. However, the company will try to seek other fund sources in order to meet the working capital needs.

In the rights issue planned last year, SAPX intended to offer 356.77 million shares, while the ratio agreed upon was 320:137. With an offering price of IDR 399.94 per share, the company might potentially raise fresh funds of up to IDR 399.94 billion should this corporate action take place swimmingly.

In today’s session at Indonesia Stock Exchange (IDX), SPAX was seen stagnant at IDR 715 per share until 11 AM WIB. The company’s stock price has gone down 335 points or 31.90% since the beginning of 2024, yet soaring 40 points or 5.93% within the past year. (KR/ZH)