A growing number of Indonesian listed companies are seeking fresh capital through rights issues, officially known as Pre-emptive Rights (HMETD), including PT Indomobil Multi Jasa (IMJS) of the Salim Group, PT Sanurhasta Mitra (MINA), and PT Sarana Menara Nusantara (TOWR).
According to Mirae Asset Sekuritas Senior Investment Analyst, Nafan Aji Gusta, investor interest in rights issues typically depends on whether the offering price is set below the current stock price.
“If the rights issue price is higher than the current market price, investors won’t be interested,” Nafan told Katadata.co.id on Monday, July 28, 2025.
He emphasized that investors consider how the proceeds will be used before participating. For example, PT Solusi Sinergi Digital (WIFI), owned by Hashim Djojohadikusumo (younger brother of President Prabowo Subianto), recently completed a large rights issue aiming to raise up to Rp5.89 trillion (US$359 million). The company issued 2.94 billion new shares, equal to 55.56 percent of its enlarged capital, at Rp2,000 per share.
According to the prospectus, after deducting issuance costs, the proceeds will be injected into a subsidiary, PT Jaringan Infra Andalan (JIA). JIA will then allocate the capital to PT Integrasi Jaringan Ekosistem (IJE). Around Rp5.8 trillion will go toward developing a fiber-to-the-home (FTTH) network for 5 million homes in Java. The remaining funds will be used as IJE’s working capital.
Following this rights issue, WIFI’s stock price surged to its year-to-date peak of Rp2,950. On Friday, July 25, 2025 the stock gained 2.54 percent to Rp2,830, up 4.81 percent over the past week and 590.24 percent since the start of the year.
Meanwhile, PT Indomobil Multi Jasa (IMJS), part of the Salim conglomerate, plans to raise up to Rp600 billion through a rights issue. The transportation firm will issue up to 3 billion new shares at Rp200 per share, with each share carrying equal rights, including dividends. The move is pending shareholder approval at an Extraordinary General Meeting (EGM) scheduled for August 28, 2025.
Funds from the IMJS rights issue will be used to strengthen capital structure and support business expansion, either directly or via subsidiaries.
Property firm PT Sanurhasta Mitra (MINA), owned by Happy Hapsoro, husband of House of Representatives (DPR) Speaker Puan Maharani, also plans a rights issue to raise Rp164 billion. MINA will offer 3.28 billion new shares priced at Rp50 each, with a par value of Rp20. Proceeds will fund business expansion across the parent company and subsidiaries.
Lastly, PT Sarana Menara Nusantara (TOWR), a major telecom infrastructure company, is targeting Rp5.49 trillion through a rights issue. The company will issue 8.08 billion shares, equivalent to 13.91 percent of post-issue capital, at Rp680 per share with a nominal value of Rp10. The issuance ratio is 619:100, meaning holders of 619 existing shares as of July 10, 2025, are entitled to 100 rights.
TOWR management said that the funds will be used to increase equity participation in subsidiary PT Profesional Telekomunikasi Indonesia (Protelindo). Any shortfall will be covered by Protelindo’s internal funds.
Already have an account? Sign In
-
Start reading
Freemium
-
Monthly Subscription
20% OFF$29.75
$37.19/MonthCancel anytime
This offer is open to all new subscribers!
Subscribe now -
Yearly Subscription
33% OFF$228.13
$340.5/YearCancel anytime
This offer is open to all new subscribers!
Subscribe now
Set up email notifications for these topics
