Wahana Interfood Shares Hit ARA on Rights Issue Plan
PT Wahana Interfood Nusantara Tbk (COCO) will undertake a Third Pre-emptive Rights Issue (PMHMETD III) involving 10,678,367,772 new shares with a nominal value of Rp100 per share, representing up to 75% of the fully paid-up capital and placed capital.
According to information disclosure from the Indonesia Stock Exchange (IDX), the execution price for this rights issue is set at Rp120 per share, through which COCO hopes to raise fresh funds of up to Rp1.28 trillion.
Following the announcement of this corporate action, COCO shares soared today, reaching the upper auto rejection (ARA) limit with a 35% jump to the level of 172.
Under this corporate action, every shareholder holding one share as of the close of trading on 10 July 2026 is entitled to 3 rights (HMETD), where each right allows the holder to purchase one new share, payable in full upon application.
These rights will be traded on the Indonesia Stock Exchange (IDX) for five working days, from 14 July 2026 to 21 July 2026. Any rights not exercised by the end of this period will be deemed invalid.
It was noted that Mahogany Global Investment Pte. Ltd (Mahogany) is the majority and controlling shareholder of COCO, holding 51.32% or 1,826,864,604 shares, and is entitled to 5,480,593,812 rights.
Management stated that if the new shares offered in this rights issue are not fully subscribed by existing shareholders or rights holders, the remainder will be allocated proportionally based on the number of rights exercised by each shareholder requesting additional shares, at the subscription price.
If any shares remain after this allocation, standby buyers will purchase up to 4,302,095,122 remaining shares at the same execution price of Rp120 per share, all to be paid in cash.
In conjunction with this third rights issue, the Company is also issuing up to 355,945,592 Series I Warrants, representing up to 10% of the fully paid-up capital and placed capital.
For every 30 new shares resulting from the rights issue, one Series I Warrant will be attached to the rights holders who exercise their rights. Each holder of one Series I Warrant is entitled to purchase one Company share at an execution price of Rp800 per share.
Consequently, the funds from the Series I Warrants could reach up to Rp284,756,473,600. If the warrants are not fully exercised within the implementation period, they will expire and become void.
The net proceeds from the rights issue, after deducting emission costs, amounting to approximately Rp1,173,922,672,000, will be used by the Company for business expansion and investment.
The remainder will be utilised for the Company’s operational working capital requirements.
Proceeds from the Series I Warrants will be used entirely for working capital and operational costs, including raw material procurement, marketing, product development, logistics, distribution, and other necessary operational expenses to maintain business continuity.
As of today, COCO shares recorded an ARA, surging 34.38% to the level of Rp172 per share. The current market capitalisation of COCO stands at Rp612.23 billion.