Flooring Guide by Cinvex – JAKARTA – Shares of PT Pantai Indah Kapuk Dua Tbk. (PANI) experienced a slight correction at the close of the first trading session today, Wednesday, September 3, 2025. This downturn occurred amidst the company’s plans to conduct a jumbo rights issue to increase its ownership in PT Bangun Kosambi Sukses Tbk. (CBDK).
According to RTI data, PANI shares fell by 0.31%, or 50 points, to a level of Rp15,825 per share. Throughout the session, the price fluctuated between Rp15,450 and Rp16,700 per share. A total of 31.35 million PANI shares changed hands, with a transaction value of Rp501.21 billion across 21,850 transactions. The PER (Price-to-Earnings Ratio) stands at 467.91 times and the PBV (Price-to-Book Value Ratio) at 9.23 times, with a market capitalization of Rp263.29 trillion.
Previously, PANI announced its plan to increase capital by granting Pre-emptive Rights (PMHMETD) III, also known as a rights issue. The company will issue a maximum of 1.21 billion new shares with a nominal value of Rp100 per share from the portfolio, which will be listed on the Indonesia Stock Exchange (IDX).
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However, the company has not yet released the redemption value of this rights issue. For comparison, PANI has completed a private placement of 20,906,000 new shares with a nominal value of Rp100. PMTHMETD III will be carried out at an execution price of Rp14,350 per share at the end of August 2025.
Assuming a redemption price similar to the private placement, PANI has the potential to raise Rp17.22 trillion. Nevertheless, the redemption price will be determined by the company after obtaining approval from shareholders and the blessing of the Financial Services Authority (OJK).
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“The implementation of PMHMETD III is expected to have a significant positive impact on the sustainability and business development of the company,” management wrote in its disclosure, quoted Wednesday, (September 3, 2025).
PANI’s management mentioned that this corporate action is still awaiting approval from shareholders in an Extraordinary General Meeting of Shareholders (RUPSLB) scheduled for October 9, 2025, as well as an effective statement from the Financial Services Authority (OJK).
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The funds obtained from this rights issue will be used to increase ownership in PT Bangun Kosambi Sukses Tbk (CBDK) to 44.10% of the issued and fully paid capital. The company will pay for shares of affiliated companies owned by PT Agung Sedayu and PT Tunas Mekar Jaya. The remainder will be allocated for new shareholdings in three subsidiaries, namely PT Cahaya Inti Sentosa, PT Karunia Utama Selaras, and PT Panorama Eka Tunggal.
Redeeming Agung Sedayu’s Shares in CBDK
The purchase of shares in CBDK by Pantai Indah Kapuk Dua (PANI) from PT Agung Sedayu and PT Tunas Mekar Jaya is valued at a maximum of Rp16.13 trillion. This plan is categorized as a material transaction as well as an affiliated transaction, requiring approval from independent shareholders through a General Meeting of Shareholders (GMS).
In an information disclosure published on September 2, 2025, PANI explained that it would purchase up to 44.10% of BKS shares currently owned by PT Agung Sedayu (AS) and PT Tunas Mekar Jaya (TMJ).
Based on the consolidated financial statements as of June 30, 2025, which have been audited, PANI’s equity was recorded at Rp29.43 trillion. Thus, the planned transaction reaches 54.78% of the company’s equity, exceeding the 50% threshold according to OJK Regulation No. 17/2020 concerning Material Transactions.
PANI’s management emphasized that this transaction does not contain conflicts of interest and does not harm the company. This is supported by a fairness opinion from the Public Appraisal Service Office Kusnanto & Rekan, which states that the transaction is commercially viable.
PANI, which is now focused on developing the Pantai Indah Kapuk 2 (PIK 2) area, believes that the additional ownership in BKS will strengthen business synergies and increase asset valuation. BKS itself controls 694 hectares of land in PIK 2 and has strategic projects such as the Nusantara International Convention Exhibition (NICE) and the Hilton Hotel PIK 2 Jakarta. PANI’s share ownership in CBDK after the transaction will increase to less than 90%.
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Summary
PT Pantai Indah Kapuk Dua Tbk. (PANI) shares experienced a slight correction on September 3, 2025, amidst the company’s plans for a jumbo rights issue. PANI intends to issue up to 1.21 billion new shares, potentially raising an estimated Rp17.22 trillion, to significantly increase its ownership in PT Bangun Kosambi Sukses Tbk. (CBDK).
The funds obtained from this rights issue will primarily be used to acquire up to 44.10% of CBDK shares from affiliated companies for a maximum of Rp16.13 trillion. This material and affiliated transaction, pending shareholder and OJK approval, aims to increase PANI’s stake in CBDK to less than 90% to strengthen business synergies and enhance asset valuation, supporting PANI’s focus on the PIK 2 development.