Satria Antaran (SAPX) Cancels Rights Issue Due to Less Conducive Market Conditions

ISSUER NEWS - JAKARTA. PT Satria Antaran Prima Tbk (SAPX) has announced the cancellation of its plan for a Preemptive Rights Issue (PMHMETD) I, also known as a rights issue. The company reported this cancellation to the Financial Services Authority (OJK) on April 4, 2024.

The President Director of Satria Antaran Prima, Budiyanto Darmastono, said that the cancellation of this PMHMETD I process took into account the current unfavorable global market and economic conditions. 

"This has resulted in the discussion process between the company and potential investors not reaching an agreement," Budiyanto disclosed in an information disclosure on Friday (5/4).

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Budiyanto affirmed that the cancellation of this rights issue does not bring about any changes to the share ownership structure and has no impact whatsoever on SAPX's operational activities. 

In addition, there is no increase in equity and no impact on the continuity of SAPX's business due to the non-implementation of the PMHMETD I plan.

"Although the company previously planned to use the proceeds from PMHMETD I for working capital, the company will now seek other financing options to meet these working capital needs," Budiyanto explained.

Here are the details of the cancelled PMHMETD I by SAPX:

• Number of shares offered: Up to 356,770,819
• HMETD Ratio: 320 : 137
• Nominal value: Rp 100 per share
• Execution price: Rp 700 - Rp 1,121
• Emission value: Up to Rp 399.94 billion
• Listing: PT Indonesia Stock Exchange (BEI)
• EGM Date: August 21, 2023.