JAKARTA (Yosefardi) – Investors continue selling shares of PT BW Plantations Tbk (BWPT) this morning, then the stock dropped further 8.5% to Rp494.
In past three days of trading, after period of suspension, the stock had fallen more than 30% as investors responded negatively over BWPT’s rights issue plan.
Individual investors, represented by the Indonesian Securities Investors Society (Missi) has sent letter to the Financial Services Authority (OJK) complaining about the exercise prices set by 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.