PBRX Receives Approval for Fourth Round of Rights Issue

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- PT Pan Brothers Tbk (PBRX), a garment company, has received an effective statement from the Financial Services Authority (OJK) on January 5, 2023, to conduct a corporate action, namely a fourth round of the Rights Issue. 

This corporate action has also been approved at an extraordinary general meeting of shareholders (EGMS) of the company, in accordance with POJK No. 15/2022, as contained in the Minutes of the Extraordinary General Meeting of Shareholders of PT Pan Brothers Tbk No. 04 dated September 15, 2022.

The company's directors explained that Pan Brothers will conduct a capital increase through the fourth round of the Rights Issue by issuing rights to subscribe to securities in advance (HMETD) to the company's shareholders for a maximum of 15,003,732,635 common shares with a nominal value of IDR 25 per share, or 69.84% of the issued and fully paid-up capital of the company after the fourth round of the Rights Issue, at an implementation price of IDR 50 per share.

"Therefore, the total amount of funds that PBRX will receive in the fourth round of the Rights Issue is a maximum of IDR 750.18 billion," the company's directors said in an official statement on Monday (9/1/2023).

PT Trisetijo Manunggal Utama will provide a maximum of IDR 750 billion as the company's majority shareholder with a 27.99% ownership, and will exercise all of its HMETD rights, totaling 4,199,611,654 shares at an implementation price of IDR 50 per share, or a total of IDR 209.98 billion.

It will then purchase a portion of the remaining shares that are not taken up by other HMETD holders, either through the exercise of HMETD or through the subscription of additional shares, totaling a maximum of 10,800,388,346 shares or the equivalent of IDR 540.01 billion.

If there are still remaining shares after PT Trisetijo Manunggal Utama's purchase in the fourth round of the Rights Issue, these shares will not be withdrawn from the book-entry system.

Each shareholder of 250 shares whose name is recorded in the Pan Brothers shareholder list (DPS) on the closing date of trading on the recording date, which falls on January 17, 2023, is entitled to 579 HMETDs.

"Shareholders who do not participate in their HMETD rights will be subject to a dilution of ownership of 69.84% of their ownership percentage prior to the Rights Issue," the company's directors said.

The funds obtained by the company from the fourth round of the Rights Issue, after deducting all costs related to the fourth round of the Rights Issue, will be used for working capital to support the development of PBRX's business, including increasing production capacity, improving operational efficiency, and supporting expansion plans in domestic and international markets. If the funds cannot be disbursed, they will be placed in Bank Indonesia instruments or government securities.

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