JAKARTA – PT Bukit Uluwatu Villa Tbk. (BUVA) is gearing up for a significant capital expansion with its second preemptive rights issuance (PMHMETD II), proposing to issue up to 50 billion new shares. This ambitious corporate move is designed to bolster the company’s financial foundation and fuel its future growth trajectory.
This planned issuance, a substantial undertaking, equates to a maximum of 203.11% of the total fully paid and issued shares at the time of the information disclosure. The new shares, with a nominal value of Rp50 per share, will be drawn from the company’s treasury stock. Rian Fachmi, Corporate Secretary of BUVA, emphasized that this rights issue is a strategic imperative to strengthen the company’s capital structure and provide essential funding to support its performance moving forward. “The PMHMETD II is being undertaken to reinforce the Company’s capital structure, thereby providing additional funds to support the Company’s performance,” Fachmi stated in an information disclosure on Tuesday, January 20, 2026.
However, shareholders who do not exercise their preemptive rights in this second issuance face a potential ownership dilution of up to 67.01%. The net proceeds from the rights issue, after deducting emission costs, are earmarked for general business development and/or fulfilling the obligations of the company and its subsidiaries. BUVA management assured that should the fund utilization fall into categories of material transactions, affiliated transactions, or involve conflicts of interest, the company will stringently adhere to all prevailing capital market regulations.
The execution of the PMHMETD II is contingent upon securing shareholder approval at an Extraordinary General Meeting of Shareholders (EGMS) slated for February 26, 2026. According to regulations, the period between the EGMS approval and the effective registration statement must not exceed 12 months. The primary agenda for the EGMS includes approving the plan for new share issuance via PMHMETD II, alongside amendments to Article 4 paragraph (2) of the company’s articles of association, which pertains to issued and paid-up capital. For the EGMS to be legally valid, it must be attended by shareholders or their proxies representing at least two-thirds of the total voting shares. A decision is deemed legitimate if approved by more than two-thirds of the votes present at the meeting. Should the quorum not be met, BUVA retains the option to convene a second or third EGMS in compliance with applicable laws and regulations.
This upcoming rights issue marks the second such capital-raising initiative by BUVA. It follows the successful first preemptive rights issuance (PMHMETD I) conducted in 2025, which generated a substantial Rp603.98 billion. That prior corporate action was strategically undertaken to facilitate the acquisition of assets from PT Summarecon Agung Tbk.’s (SMRA) indirect subsidiary, Summarecon Investment Property (SMIP), specifically PT Bukit Permai Properti (BPP).
In the PMHMETD I, BUVA offered 4.03 billion new shares, representing 16.36% of its fully paid and issued capital post-issuance, at an exercise price of Rp150 per share. This initiative was poised to raise up to Rp603.98 billion. “The total funds to be received by the company in this PMHMETD I amounted to Rp603,987,214,350,” BUVA management stated in a prospectus published on the Indonesia Stock Exchange (IDX) on Tuesday, October 28, 2025. BUVA’s primary shareholder, PT Nusantara Utama Investama (NUI), controlled by Happy Hapsoro and holding a 67.02% stake in BUVA, committed to exercising all its rights in the first rights issue. Notably, Hapsoro personally transferred his rights to NUI, which pledged to execute all additional shares.
The net proceeds from PMHMETD I, after covering emission costs, were strategically allocated. A significant portion, Rp416.24 billion, was utilized to finalize the acquisition of a 99.99% stake in BPP from Summarecon. The remaining funds were channeled into the purchase and development of land in Pecatu, Bali, totaling Rp107.61 billion, and a capital injection into BPP amounting to Rp76.6 billion.
BUVA management had previously underscored the strategic value of the BPP acquisition. The approximately 19.3-hectare asset of BPP is strategically located adjacent to one of BUVA’s flagship properties, the renowned Alila Villas Uluwatu. This proximity is expected to unlock significant long-term synergies and enhance the overall value of BUVA’s Bali property portfolio. Moreover, the acquisition plan was also viewed favorably for Summarecon Agung’s performance. Research from Maybank Sekuritas Indonesia, released in August 2025, cited SMRA as a preferred stock following its plan to divest non-core land assets in Bali to BUVA. This strategic move benefited both entities, showcasing a well-executed corporate maneuver in the dynamic Indonesian property market.
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Summary
PT Bukit Uluwatu Villa Tbk. (BUVA) plans its second preemptive rights issuance (PMHMETD II), proposing to issue up to 50 billion new shares at Rp50 each. This move aims to bolster the company’s capital structure and fund general business development or fulfill obligations. Shareholders not exercising their rights face potential dilution of up to 67.01%, and the issuance is contingent upon approval at an Extraordinary General Meeting of Shareholders (EGMS) on February 26, 2026.
This follows BUVA’s first rights issuance (PMHMETD I) in 2025, which successfully raised Rp603.98 billion. Proceeds from PMHMETD I were primarily used to acquire a 99.99% stake in PT Bukit Permai Properti (BPP) from Summarecon. The BPP asset, located next to BUVA’s Alila Villas Uluwatu, is expected to generate significant synergies and enhance the company’s Bali property portfolio.