Shares of PT Pan Brothers Tbk. (PBRX) soared to 22.58 percent at the close of trading today, Monday (16/01/2023). The strengthening of textile issuers occurs in line with the company's plan to increase capital with preemptive rights (PMHMETD) IV or rights issue. PBRX shares were observed to have risen 22.58 percent or 14 points to a position of IDR 76. PBRX shares are traded in the range of Rp. 60 to Rp. 83. As many as 414 million volumes of shares were traded with a trade value of IDR 31.67 billion. Meanwhile, today's PBRX market capitalization rose to IDR 492.35 billion.
This increase was in line with the strengthening of the Composite Stock Price Index (IHSG), which closed in the green zone to a level of 6,688.05. JCI closed up 0.70 percent or 46.22 points to a level of 6,688. Throughout the session, the JCI moved in the range of 6,627.69 to 6,688.05.
Even though PBRX shares rose sharply in today's trading, it was recorded that in the last week these shares had corrected by 24.0 percent. As for year to date (Ytd), this share has sunk by 29.6 percent. The surge in PBRK shares occurred ahead of the company's intention to carry out a corporate action to increase capital with preemptive rights (PMHMETD) IV or a rights issue.
PBRX's management said that it would conduct a rights issue of up to 15 billion ordinary shares with a nominal value of IDR 25 per share, or 69.84 percent of PBRX's issued and fully paid capital, with an exercise price of IDR 50 per share. With the number of shares and the exercise price, the maximum amount of funds that PBRX will receive is IDR 750.18 billion.
"PT Trisetijo Manunggal Utama is providing a maximum of IDR 750 billion as the main shareholder of PBRX with 27.99 percent ownership," said PBRX Management in an IDX information disclosure, Monday (9/1/2023).
Management continued, Trisetijo Manunggal Utama will carry out all rights issues which are his rights of 4.19 billion shares at an exercise price of IDR 50 per share. With this amount, Trisetijo must spend Rp 209 billion to redeem its rights issue rights.
Trisetijo Manunggal will also buy a portion of the remaining shares that are not subscribed by other rights issue holders, either through the exercise of pre-emptive rights or through an additional share subscription for a maximum of 10.8 billion shares or an equivalent of IDR 540 billion.
Meanwhile, each holder of 250 PBRX shares whose name is registered in the PBRX Register of Shareholders (DPS) at the closing of share trading according to the recording date which falls on January 17, 2023, is entitled to 579 Preemptive Rights.
Shareholders who do not take part in the HMETD which they are entitled to will be subject to a dilution of ownership of 69.84 percent from their ownership percentage prior to the rights issue.
"The funds obtained from the rights issue will be used for working capital to support PBRX's business development in the form of increasing sales, which includes raw material costs, in the form of purchasing high-quality fabrics that meet buyer specifications, production and maintenance costs, as well as operational and marketing costs," said management.