PT Sejahtera Bintang Abadi Textile Tbk. (SBAT) plans to conduct a rights issue to expand its market share overseas.President Director of Sejahtera Bintang Abadi Textile Jefri Junaedi said SBAT plans to increase capital up to Rp132 billion. The company plans to use funds of Rp70 billion to purchase 3 sets of Open-End machines and their supporting facilities. The remaining funds are planned to be allocated as working capital such as purchasing raw materials, paying for utilities, paying for labor and purchasing spare parts, Sejahtera Bintang (SBAT) Boosts Exports to Latin America.

 "This is done because the Company wants to increase production capacity, so that it can further expand the target market for international trade, especially in Open End yarns," he explained.

 Currently, the rights issue licensing process is still running at the Financial Services Authority (OJK). The Company estimates that the rights issue will be carried out in the third or last week of October 2021.

 For information, SBAT has penetrated the Saudi Arabian market share by supplying a new yarn product, namely for the manufacture of prayer mats. SBAT plans to target Open End yarn products to Europe such as Ukraine, Lithuania, Bosnia Herzegovina and other countries. The yarn can be used by the manufacturing, plantation and workshop industries.

Jefri hopes that by being oriented to the export market, it can increase the country's foreign exchange and contribute to regional economic growth in particular and national in general.

 "The company continues to strive to develop the company's business and expand market share by providing the best service and consistent quality by running an environmentally friendly business," he said.

 In addition, Jefri said SBAT has high demand for yarn for glove making in several European countries and Korea, which are currently entering winter.

Currently, ports in these countries have reopened around August. SBAT has re-hired employees to increase production bringing the total employees to around 700 people.