Receh.in - PT Citra Putra Realty Tbk. (CLAY) plans to conduct a limited public offering with pre-emptive rights or rights issue for its shareholders of 1,000,000,000 new shares from the company's portfolio.
According to CLAY's President Director, Firman M Silalahi, the corporate action plan will be executed soon after the registration statement is declared effective by the Indonesian Financial Services Authority (OJK). Referring to Article 8 paragraph 3 of the OJK regulation on pre-emptive rights, the period between the approval of the Extraordinary General Meeting of Shareholders (EGMS) and the effectiveness of the registration statement shall not exceed 12 months.
"We hope that this plan to increase capital with pre-emptive rights can strengthen the company's capital structure, thus increasing its capacity to improve business activities, company performance, and competitiveness in the same industry," Firman said in a disclosure to the Indonesia Stock Exchange (BEI) on Tuesday (28/2).
With the increase in the company's performance and competitiveness, it is expected to also increase the return on investment for all shareholders. In addition, the capital increase will also have an impact on shareholders who do not exercise their pre-emptive rights, as they will face dilution of their ownership percentage in the company.
"All funds obtained from the capital increase with pre-emptive rights, after deducting issuance costs, will be fully utilized by the company to strengthen the capital structure as a core capital and working capital component," he added.
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