JAKARTA (Yosefardi) – Garment manufacturer PT Pan Brothers Tbk (PBRX) plans to issue 3.39 billion new shares through pre-emptive rights scheme, representing 52.38% of its enlarged capital.
The exercise price is set at Rp300, to raise total proceeds of Rp1.02 trillion, used to boost production capacity of unit PT Eco Smart Garment Indonesia (60%), to invest in upstream and downstream sectors (30%), and for working capital (10%).
Each shareholder with 10 old shares recorded at January 8, 2014 will be entitled to buy 11 new shares. Trading of rights is scheduled for January 10-16, 2014. I
In 2012, Indonesia’s export for textile products reached US$12.6 billion, equivalent 1.8% of world’s textile trades which totaled US$700 billion.
The government of Indonesia targets to supply 2.5% of textile products of world trade in 2014 and 5% in 2015 with export value of US$54 billion.