Fortune Indonesia (FORU) Plans IDR 27.1 Trillion Rights Issue

PT Fortune Indonesia Tbk (FORU) is preparing a jumbo corporate action through a rights issue to raise capital. The company plans to issue a maximum of 215.09 billion new shares with a nominal value of Rp 100 per share, at an exercise price of Rp 126 per share. If all the rights are exercised, FORU could potentially raise approximately Rp 27.1 trillion.

Hadi Pranggono, Corporate Secretary of FORU, explained that for every 100 old shares held, shareholders will receive rights to purchase 46,235 new shares. Each right allows the holder to buy one new share at the exercise price. The rights issue is equivalent to around 99.78% of FORU’s issued and fully paid-up capital post-implementation.

The controlling shareholder, IMR AH, will not pay its portion of the rights issue in cash. Instead, it will settle through an inbreng mechanism by injecting its 10,780 Series A shares in PT Borneo Prima, representing a 49% ownership stake in the coking coal mining company. This move marks FORU’s entry into the mining sector as part of its business transformation into a holding company focused on coal mining development. The funds raised will subsequently be provided to Borneo Prima as a loan.

Hadi Pranggono stated that the inbreng plan is a strategic step aligned with the company’s shift in business activities. Following the transaction and consolidation of Borneo Prima, FORU’s net profit for the current period is projected to swing from a loss of approximately Rp 4.15 billion to a profit of around Rp 11.94 billion. The portion of the rights issue taken up by public shareholders, estimated at a maximum of Rp 6.28 trillion, will be paid in cash. The corporate action is subject to shareholder approval at an Extraordinary General Meeting of Shareholders scheduled for 22 July 2026.