JAKARTA (Yosefardi) – Investors sold off shares of PT BW Plantation Tbk (BWPT) after the stock resumed trading in the afternoon session Wednesday (September 24).
At 14.29 am Jakarta time, BWPT dropped 24.6% to Rp720 with trading volume of over 4 million shares.
The Indonesia Stock Exchange (IDX) halted the trading in BWPT shares since September 17, 2014.
IDX resumed trading in BWPT shares as the company had published its prospectus for rights issue program.
BWPT plans to issue 27 billion new shares or 85.71% of its enlarged shares capital, priced at between Rp390 to Rp411 per share, to raise maximum proceeds of Rp11.1 trillion.
If the existing shareholders did not exercise their rights, then Rajawali Capital will potentially hold 48.22% of BWPT shares and other standby buyers to hold 37.49%.