Textile issuer, PT Pan Brothers Tbk (PBRX) plans to strengthen its capital through a rights issue scheme. Corporate Secretary of PT Pan Brothers Tbk Iswardeni said that after the restructuring, his party will have a stronger capital structure and make the Company more flexible in obtaining capital. "We are planning a rights issue with an audit book on June 30, 2022. After the rights issue, of course with a better capital structure, PBRX will certainly have more freedom to get funding. Garments are still very good, with no working capital constraints, PBRX's growth will return to normal," he continued.

Meanwhile, regarding the news of the addition of Burlingham's capital in PBRX, Iswardeni stated that he did not know anything. According to him, Burlingham did not convey any reason so that it could not reveal the reason for the increase in capital.

"I tried to search Burlingham, but I didn't say the reason. So Pan Brothers can't disclose it because Burlingham didn't mention the reason for increasing its capital," he said, Thursday (29/9).

For information, PBRX has completed a debt restructuring scheme in June 2022. Recently, there has been a change in PBRX's share ownership.

As of September 26, 2022, referring to KSEI data, Burlingham International controls 1.17 billion shares or the equivalent of 18% shares. Whereas as of September 23, 2022, Burlingham's portion is still 6.95% shares.

PBRX has not released its financial statements for the first semester of 2022.

Until the end of 2022, PBRX has set a sales growth target of 2021 or growing by 10%. Then revenue growth in 2023 is targeted to be between 5% to 8% from 2022.

"For the 2022 capex, US$ 3 million has been allocated, up to now US$ 1.8 million has been absorbed," he said.