Wahana Interfood Shares Hit ARA on Rights Issue Plan

PT Wahana Interfood Nusantara Tbk. (COCO) will conduct a third rights issue, offering up to 10,678,367,772 new shares with a nominal value of Rp100 each, representing a maximum of 75% of the company’s issued and fully paid capital. The exercise price for the rights issue is set at Rp120 per share, allowing the company to potentially raise up to Rp1.28 trillion in fresh funds. Following the announcement, COCO’s shares surged to the upper auto-rejection limit, rising 34.38% to Rp172 per share. The company’s market capitalisation currently stands at Rp612.23 billion. Shareholders recorded in the company’s register on 10 July 2026 will be entitled to three rights for every one share held, with each right granting the holder the ability to purchase one new share. The rights will be traded on the Indonesia Stock Exchange and can be exercised over five working days, from 14 July to 21 July 2026. Mahogany Global Investment Pte. Ltd, the controlling shareholder with a 51.32% stake, holds the right to acquire 5,480,593,812 rights. If any new shares are not subscribed for, they will be allocated proportionally to shareholders who exercised their rights and requested additional shares. Any remaining unsubscribed shares, up to a maximum of 4,302,095,122, will be purchased by a standby buyer at the same exercise price of Rp120 per share. Concurrently, the company will issue up to 355,945,592 Series I Warrants, representing a maximum of 10% of the issued and fully paid capital. For every 30 new shares obtained through rights exercise, one Series I Warrant will be attached. Each warrant entitles the holder to purchase one company share at an exercise price of Rp800, potentially raising up to Rp284.76 billion. The net proceeds from the rights issue, approximately Rp1.17 trillion after deducting issuance costs, will be used for business expansion and investment. The remaining funds will cover operational working capital. Proceeds from the warrant exercise will be allocated entirely for working capital and operational expenses, including raw materials, supplier payments, marketing, product development, logistics, office operations, and digitalisation. The extraordinary general meeting of shareholders is scheduled for 17 April 2026, with the effective date expected on 30 June 2026.