This article has been translated by PwC Indonesia as part of our Indonesia Infrastructure News Service. PwC Indonesia has not checked the accuracy of, and accepts no responsibility for the content.
Investor Daily - Rights Issue, emiten tol Jusuf Hamka berpotensi raup Rp3,4 triliun
15 May 2024
By Jessica G. Soehandoko
Jakarta, ID – Jusuf Hamka’s toll road issuer, PT Cintra Marga Nursaphala Persada Tbk (CMNP), plans to conduct Limited Public Offering (PUT) 3 through a rights issue of 2.23 billion shares. Based on CMNP’s closing stock price of Rp1,525 on Tuesday (14/5/2024), the Depok-Antasari toll road operator could potentially raise up to Rp3.4 trillion in fresh funds.
“The funds obtained from PUT 3, after deducting costs, will be used to increase capital for the development of the company and its subsidiaries. This will include capital injections or loans to its subsidiaries for the development of Ir. Wiyoto-Wiyono toll road and the construction of sections 3-4 of Depok-Antasari toll segment,” CMNP’s management said in their official statement on Tuesday (14/5/2024).
CMNP’s management revealed that the shares issued from PUT 3 would be new shares from the unissued shares of the company. These shares have the same rights and privileges in all aspects as existing shares. These shares will also be listed on Indonesia Stock Exchange (IDX).
In accordance with POJK No. 14/2019, PUT 3 will be carried out after the company has received approval from shareholders at the extraordinary general meeting of shareholders (EGMS) in relation to the rights issue. The company is planning to hold the EGMS on 20 June.
CMNP’s management mentioned that the implementation of the rights issue would increase the capital of the company, strengthening its capital structure to support its business development plans, especially regarding investment in toll roads and their supporting facilities. Therefore, in the long term, it will support the company’s sustainability. The implementation of the rights issue will also increase the number of shares in the market, which will boost the company’s stock liquidity.
“The company’s shareholders who do not exercise their rights to purchase new shares in PUT 3 through the rights issue will see their ownership diluted by up to 25%,” CMNP’s management revealed.
The company logged a respectable performance in 2023 with net profit surpassing Rp1.05 trillion, which increased by 12.94% from Rp934 billion in the previous year. This growth was sustained by revenue from toll roads and subsidiaries.
