Textile and garment issuer PT Pan Brothers Tbk. (PBRX) will explore corporate action in the form of Capital Increase with Pre-emptive Rights (HMETD) or rights issue in 2022. Pan Brothers Deputy President Director Anne Patricia Sutanto said that his party would explore a rights issue of US$50 million next year. The rights issue was carried out as part of the company's debt restructuring process. "The target of the rights issue fund is US$50 million, of course it will be converted to rupiah on D-day and when will it be executed? We hope after the first quarter of 2022," said Anne in a public presentation, Wednesday (15/12/2021).

He continued, the rights issue of Pan Brothers will be carried out according to the procedures and rules of the Financial Services Authority (OJK).

"Of course we will apply to the OJK, convey information disclosure, the GMS, we will do it procedurally, according to OJK rules at that time," he said.

Anne hopes that this corporate action can be carried out by the company after the signing of the credit agreement with all parties is complete.

As is known, the issuer with the stock code PBRX has just finished voting for creditors for company restructuring. The voting results show that the majority of creditors agree with the term sheet proposed by the company.

"From there we will carry out a total restructuring agreement. For information, bilateral agreements in Indonesia will be finalized at the end of December," he said.

After the bilateral agreement is completed, the issuer coded for PBRX shares will complete the syndicated agreement. With these stages, PBRX hopes to be able to complete all of its restructuring before the first quarter of 2022.

"The difference with the past is that now it is more certain because it is through the Singapore High Court. The certainty is in accordance with what we have conveyed," he said.