JAKARTA (Yosefardi) – Investors start collecting back shares of PT BW Plantation Tbk (BWPT), then the stock gained 10.87% to Rp510 this morning, after the stock exchange resumed trading in the stock.
BWPT had fallen almost 52% in the past two weeks following a plan to issue new shares at substantial discount to acquire plantation shares of Rajawali Corpora.
Yesterday trading in BWPT was halted for cooling down the market. Individual investors, represented by the Indonesian Securities Investors Society (Missi) has earlier demanded IDX to halt trading in BWPT shares.
Missi has also sent letter to the Financial Services Authority (OJK) complaining about the exercise prices set by PT BW Plantation Tbk (BWPT) for its 27.02 billion rights issue plan.
Missi noted the exercise prices of Rp390-411 per share are lower than BWPT average prices for the past three months. The said exercise price, according to Missi, will result in 65% loss suffered by public investors. While new investors or buyers would gain 60% discount on price.
Kelik Irwantono, director of BWPT, said the rights issue ratio of 1:6 aims to give room to investors to participate in the rights issue. He noted the sharp drop in BWPT shares was mainly due to psychological factors as many investors trade in BWPT shares using margin scheme.