{ "success": true, "data": { "id": 1645147, "msgid": "indonesian-stock-market-slumps-5-issuers-plan-rights-issues-1774925542", "date": "2026-03-31 08:40:10", "title": "Indonesian Stock Market Slumps, 5 Issuers Plan Rights Issues", "author": "", "source": "CNBC", "tags": "", "topic": "Business", "summary": "Amid a significant downturn in the Indonesian stock market, with the Composite Stock Price Index dropping from 9,000 in January to around 7,000, five companies have announced plans for rights issues to raise capital for various business expansions. These issuers\u2014TOBA, RMKO, COCO, PYFA, and RAAM\u2014are awaiting shareholder approval at upcoming general meetings and subsequent regulatory clearance from the Financial Services Authority (OJK), potentially delaying execution into next year. The funds will support initiatives ranging from green energy projects and coal logistics to chocolate production expansion, pharmaceutical acquisitions in Australia, and media content creation with new theatre developments.", "content": "

The rights issue season remains active this year, with five new\nissuers announcing plans to increase capital through the issuance of new\nshares. This is occurring amid the sluggishness of the Indonesian stock\nmarket. The Composite Stock Price Index has plummeted from the 9,000\nlevel in January and is now around 7,000. The companies are PT TBS\nEnergi Utama Tbk (TOBA), PT Royaltama Mulia Kontraktorindo Tbk (RMKO),\nPT Wahana Interfood Nusantara Tbk (COCO), PT Pyridam Farma Tbk (PYFA),\nand PT Tripar Multivision Tbk (RAAM). The rights issue plans from all\nthese issuers are still in the phase awaiting investor approval at the\nAnnual General Meeting of Shareholders (AGMS). If approved, they will\nthen await effective permission from the Financial Services Authority\n(OJK). Given the long queue of issuers planning rights issues this year,\nthere is a high likelihood that the redemption period could extend into\nnext year. After the GMS, the rights issue must be executed at the\nlatest within 12 months, unless there are unforeseen circumstances or\nother reasons. Here is a breakdown of the rights issue plans for these\nfive issuers. TOBA The rights issue plan from TOBA is part of a business\ntransformation towards green energy. The company plans to issue a\nmaximum of 1.39 billion new shares for the development of renewable\nenergy projects as well as the electric vehicle (EV) ecosystem and\nenergy processing from waste. To date, there has been no official\nannouncement regarding a standby buyer, but generally, controlling\nshareholders will maintain their ownership stake. In the near future,\nTOBA is still awaiting the effective statement from OJK after obtaining\napproval through the Extraordinary General Meeting of Shareholders\n(EGMS) on 16 April 2026. RMKO Next is RMKO, which plans to conduct a\nrights issue by issuing a maximum of 512 million new shares or\nequivalent to 29.06% of paid-up capital. The funds raised will be used\nfor working capital and to strengthen the capital structure, including\nsupporting the expansion of the coal logistics business in South\nSumatra. The proceeds will be focused on increasing hauling capacity,\ndeveloping ports, as well as working capital and partial repayment of\nfinancial obligations. The next agenda is the EGMS on 8 April 2026 to\nseek investor approval for this capital increase action plan. COCO Next\nis the chocolate producer issuer, COCO, which plans to issue up to 10.67\nbillion new shares through a rights issue. The funds will be used for\nexpanding chocolate production capacity, including building new\nfacilities and purchasing machinery up to buying cocoa beans, which are\nthe raw material for chocolate. The company\u2019s latest agenda is the EGMS\non 5 May 2026 to seek investor approval for this action. Before that,\nthe company will also finalise the rights issue prospectus throughout\nApril. PYFA Then there is the pharmaceutical company, PYFA, which will\nhold a rights issue aimed at funding the acquisition of the Mayne Pharma\nfactory in Salisbury, South Australia. The nearest plan is for PYFA to\nfirst hold an EGMS on 22 April 2026 to seek approval for issuing a\nmaximum of 5.7 billion new shares. The funds raised from this will be\nused for the acquisition and strengthening the capital structure,\nincluding global expansion in the pharmaceutical sector in Australia. In\naddition, as a sweetener, PYFA also plans to issue warrants of up to 35%\nof the total shares that have been placed and fully paid up. RAAM\nFinally, there is RAAM, which will conduct a rights issue by issuing a\nmaximum of 1,362,724,000 new shares or equivalent to a maximum of 20% of\nthe placed and fully paid-up capital. The rights issue plan will seek\napproval at the EGMS scheduled for 5 May 2026. The funds obtained from\nthe rights issue proceeds will be allocated to two main company needs.\nFirst, as working capital to finance the production of various creative\ncontent such as films, web series, and soap operas, including for\nmarketing purposes and investment in supporting business lines. Second,\nthe company will inject capital into its subsidiary, PT Platinum Sinema,\nwith an ambitious target to build and operate 50 new theatres in various\ncities in Indonesia. This strategic step is expected to strengthen the\ncapital structure of the parent company and subsidiary to support future\nbusiness performance. However, management also warns that shareholders\nwho do not exercise their rights in this rights issue could face\ndilution of ownership of up to 16.67%. In addition to approval for the\ncapital increase, the upcoming EGMS will also discuss amendments to the\narticles of association regarding the capital increase and granting\nauthority to the board of directors to set the exercise price of the\nshares.<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/indonesian-stock-market-slumps-5-issuers-plan-rights-issues-1774925542", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }