The share price of textile issuer PT Pan Brothers Tbk (PBRX) shot up to the level of IDR 76/share following the capital increase via a rights issue last January. According to data from the Indonesia Stock Exchange (IDX), at 09.51 WIB, PBRX shares rose 3.51% to IDR 59/share with a transaction value of IDR 13.52 billion and a trading volume of 230.11 million shares. In the week, the stock edged up 1.75%. Just for information, PBRX is holding a rights issue with an offering price of IDR 50/share with a target fund of IDR 750 billion. The PBRX rights issue trading period itself ends on January 26, 2023.
In PBRX's brief prospectus, the funds obtained from PMHMETD IV after deducting all related costs will be used for working capital to support Pan Brothers' business development in the form of increasing sales.
This working capital includes raw material costs of around 80% of the funds obtained by PBRX in the form of purchasing high quality fabrics that meet the buyer's specifications.
PBRX will also use 15% of the rights issue funds for production and maintenance costs including labor wages, energy costs, including maintenance of production facilities. While the remaining 5% is used for operational and marketing costs.
Of course, this corporate action has received an effective statement from the Financial Services Authority (OJK) on 5 January 2023 and has also been approved at the Extraordinary General Meeting of Shareholders (EGMS) on 15 September 2022.
On the other hand, news from the nephew of conglomerate Martua Sitorus who was included in PBRX shares also supported PBRX shares some time ago.
Darwin Indigo is currently a PBRX shareholder with a share ownership of more than 5%. Just so you know, Darwin is the nephew of conglomerate Martua Sitorus.
Actually, besides the big name Martua, PBRX also has a relationship with a seasoned ex-trader who is also a corruption suspect at Jiwasraya and Asabri Benny Tjokrosaputro alias Bentjok.
Is Anne Patricia Sutanto, Vice President of PBRX, who is Bentjok's cousin.
Anne was brought in to provide testimony by the District Court on July 27 2020 regarding the trial of the criminal act of corruption in the Jiwasraya case which involved Bentjok.
At that time, five other witnesses were present, one of which was Aviasa Dwipayana, founder of PT Trimegah Sekuritas Indonesia Tbk (TRIM).
The latest news, Benny Tjokrosaputro, who was sentenced to zero, became polemic and controversial, so that the public prosecutor immediately stated an appeal.
Just for information, as a result of Bentjok and his colleagues' stir-frying of shares, the total value of state losses for the Asabri case is predicted to reach Rp. 22.7 trillion, while Jiwasraya is Rp. 16.8 trillion.
