Indonesia Prima Property (OMRE) will issue a maximum rights issue of IDR 600 billion. That is by releasing 1,200,211,000 copies, aka 1.2 billion copies, at an exercise price of IDR 500 per share. The issuance of new series B shares is equivalent to 40.75 percent of the total issued shares, and the company has fully paid up with a nominal value of IDR 200 per unit.
The right issue targets registered shareholders on December 27, 2022. Each owner of 5,000 old shares will receive 3,439 pre-emptive rights (HMETD). Each HMETD can be used to purchase one new share at the exercise price.
According to a statement on November 8, 2022, First Pacific Capital Group Limited, as the company’s shareholder with 78.24 percent ownership, will exercise part of its rights worth IDR 70 billion or 140 million shares with payment for implementation in cash.
Meanwhile, PT Manning Development, a shareholder with 4.40 percent ownership, will take part in his rights, namely 52.86 million shares valued at IDR 26.43 billion. As a standby buyer, Manning Development will take part of the Preemptive Rights not taken by other shareholders for a maximum of IDR 503.67 billion or 1 billion shares.
So, the total number of new shares that will be acquired by Manning Development, both as a result of exercising its rights and as a standby buyer, is a maximum of 1,060,211,000 series B shares valued at IDR 530 billion. This was done by converting part of the company’s debt to Manning Development. The company’s total debt as of June 30 2022 was IDR 577.58 billion.
If the shareholders do not exercise their rights, they will be subject to a maximum dilution of ownership of 40.75 percent after the rights issue. The proceeds from the rights issue for the settlement of the company’s debt to PT Manning Development amounted to IDR 577.58 billion. Namely non-cash deposits by converting the company’s debt to PT Manning Development as of June 30 2022 in the amount of IDR 577.58 billion. If there are remaining cash funds for the company’s working capital.
The schedule for Indonesia Prima Property’s rights issue is as follows. Effective date December 5, 2022. Regular market cum right and negotiation on December 23, 2022. Cash market cum right on December 26, 2022. Regular market ex right and negotiation on December 26, 2022. Cash market ex right on December 27, 2022. Shareholders are entitled to rights issue on December 27, 2022.
Distribution date on 28 December 2022. Listing on the IDX on 29 December 2022. Trading period from 29 December 2022 to 5 January 2023. The implementation period starts from registration, ordering and payment on 29 December 2022 to 5 January 2023. Submission of new shares resulting from the rights issue on 3-11 January 2023. The last date for payment for the purchase of additional shares on 12 January 2023.
The allotment date of the additional shares purchase order on January 13, 2023. The distribution of additional shares on January 16, 2023. Full payment by the standby buyer on January 16, 2023. Refund of the additional shares purchase order was not fulfilled on January 16, 2023. (*)
Source : Emiten News