COCO Prepares Rights Issue of 10.67 Billion New Shares, Existing Investors Face Potential Dilution of Up to 75%
PT Wahana Interfood Nusantara Tbk (COCO) has announced plans for a third Capital Increase with Pre-emptive Rights (PMHMETD III), or rights issue, involving the issuance of a maximum of 10.67 billion new shares.
According to a disclosure to the Indonesia Stock Exchange (BEI) on 21 April 2026, COCO will issue up to 10,678,367,772 new shares with a nominal value of Rp100 each. This amount is equivalent to a maximum of 75% of the placed and fully paid-up capital following the rights issue.
This corporate action is significant for investors as it could alter the share ownership structure and serve as a funding source for the company’s expansion. PT Wahana Interfood Nusantara Tbk is an issuer engaged in the production of cocoa and chocolate. The company is known for its business lines in raw materials and chocolate derivative products.
Harga Pelaksanaan Belum Ditentukan
The exercise price has not yet been determined.
Each holder of 1 old share recorded on the recording date will receive 3 HMETD, where 1 HMETD entitles the purchase of 1 new share. In addition to new shares, the company will issue a maximum of 1,186,485,308 Series I Warrants. The warrant distribution ratio is 1 warrant for every 9 new shares.
Risiko Dilusi bagi Pemegang Saham Lama
The company emphasises that shareholders who do not exercise their HMETD may face material dilution of ownership of up to 75% after the rights issue.
If all warrants are subsequently exercised, the maximum dilution could reach 76.92%. This means the ownership portion of existing investors could decrease significantly if they do not participate.
In capital market practice, rights issues give priority rights to existing shareholders to maintain their ownership percentage.
Dana Rights Issue Dipakai untuk Akuisisi dan Ekspansi
COCO states that approximately 98.7% of the rights issue proceeds will be used for business expansion and investment. The main focus is on plans to acquire companies in the production and distribution of confectionery and snacks.
The remaining funds will be used for operational working capital, including the purchase of raw materials, packaging, marketing, research and development, and professional fees.
Meanwhile, funds from the exercise of warrants will be used for working capital and the company’s operational costs.
Jadwal Penting Rights Issue COCO
[Note: Schedule source from COCO, but specific dates not detailed in text beyond HMETD trading from 10–17 July 2026 as per FAQ.]
Sorotan Kinerja Keuangan
Based on the prospectus, COCO recorded net sales of Rp165.08 billion in 2025, up 2.48% from 2024.
However, the company booked a net loss of Rp250.86 billion in 2025, deeper than the Rp52.56 billion loss in 2024.
Total assets as of 31 December 2025 stood at Rp542.27 billion, while total liabilities reached Rp429.48 billion.
Kesimpulan
COCO is preparing a large rights issue that could add capital for expansion and potential acquisitions in the snack business. However, investors should also consider the high dilution risk if they do not take up the HMETD. The yet-to-be-announced exercise price will be the next key factor for the market.