Canned Company Owned By Conglomerate Sugianto Kusuma 'Aguan' Wants Rights Issue Of 13.12 Billion Shares, What Are The Funds For?

JAKARTA - The can packaging company owned by conglomerate Sugianto Kusuma 'Aguan', PT Pratama Abadi Nusa Industri Tbk (PANI) will hold additional capital with pre-emptive rights (PMHMETD) or rights issue of 13.12 billion shares with a nominal value of IDR 100 per share.

The number of shares issued is a maximum of 96.97 percent of the total shares of the company that have been issued and fully paid after this Limited Public Offering (PUT) I. The price of the rights issue will be determined later.

PT Multi Artha Pratama (MAP) as the main shareholder of the company which owns 80 percent of the shares of the total issued and paid-up capital in the company has stated that it will exercise all the Preemptive Rights which are its rights in the PUT I of 10.496 billion Rights.

If the new shares offered in this PUT I are not entirely subscribed to by the holders of the Preemptive Rights certificate (SBHMETD), then the remainder will be allocated to other shareholders who place an order greater than their rights proportionally based on the number of Rights that have been exercised by each. shareholders who request additional securities based on the exercise price.

If after the allocation there are remaining shares from the amount offered, the standby buyer will take or buy all the remaining shares at a price equal to the exercise price. The standby buyer is the main shareholder, namely MAP.

MAP itself is 50 percent of its shares held by PT Agung Sedayu and the remaining 50 percent by PT Tunas Mekar Jaya. MAP is located at Pantai Indah Kapuk, North Jakarta.

"MAP as a standby buyer will buy all the remaining new shares that are not subscribed by shareholders at the exercise price", explained PANI's information disclosure on the Indonesia Stock Exchange (IDX) website, quoted Tuesday, June 14.

The last date for the exercise of the Preemptive Rights is August 10, 2022, where rights that are not exercised after that date are no longer valid. If the shareholder has Preemptive Rights in the form of a fraction, it will be rounded down, in which the rights to the new fraction of shares will belong to the company and must be sold by the company and the proceeds from the sale will be entered into the company's account.

Shareholders who do not exercise their rights to purchase new shares offered in this PUT I by their Pre-emptive Rights will experience a decrease in their share ownership percentage (diluted) by a maximum of 96.97 percent.

All funds obtained by PANI from the PUT I, after deducting the issuance costs which are the company's obligations, will be used for IDR 6.49 trillion for investment and business development, namely by investing in new shares to be issued by PT Bangun Kosambi Sukses (BKS), an affiliated company in the real estate business, as much as 51 percent of the issued and paid-up capital in BKS.

Furthermore, BKS will invest and develop business by investing in new shares to be issued by PT Mega Andalan Sukses (MAS) and PT Cahaya Gemilang Indah Cemerlang (CGIC), both of which are affiliated companies in the real estate business, amounting to 51 percent. of the issued and paid-up capital in MAS and CGIC, respectively, with a value of IDR 4.69 trillion will be allocated by BKS for MAS and IDR 1.79 trillion will be allocated by BKS for CGIC, the funds of which will be used by MAS and CGIC for payment of the principal debt to affiliated parties. The rest is for PANI's working capital.

The following is an indication of the schedule for PANI's rights issue:

- Cum-HMETD in regular market and negotiation market July 29, 2022

- Cum-HMETD on cash market August 2, 2022

- Ex-HMETD in the regular market and negotiated market August 1, 2022

- Ex-HMETD on cash market August 3, 2022

- Recording date August 2, 2022