2024-01-11
New Listing of PT Manggung Polahraya Tbk (MANG) on Indonesia Stock Exchange
On Thursday, January 11, 2024, the opening of trading on the Indonesia Stock Exchange (IDX) was carried out by PT Manggung Polahraya Tbk (MANG) in the context of the initial listing of shares on the IDX Accelerated Board. MANG became the 7th company to be listed on the IDX in 2024.
MANG was established in 1992 with initial business activities covering construction and procurement services, and is currently growing and conducting main business in the field of building construction services, road construction, as well as hot mix asphalt and ready mix concrete. In addition, MANG has also received an award from the Minister of Manpower of the Republic of Indonesia in 2019 for its Occupational Safety and Health Management System.
MANG is engaged in the Infrastructure sector with the Building Construction sub-industry. The offering price of MANG shares is Rp100.00 per share with a total of 3,812,500,000 shares listed, resulting in a market capitalization of Rp381,250,000,000. In addition, Warrant I with code MANG-W will also be listed with an exercise price of Rp125.00.
The Company will simultaneously issue a maximum of 228,750,000 Series I Warrants accompanying the New Shares of the Company or a maximum of 7.50% of the total issued and fully paid-up shares at the time the registration statement for this Initial Public Offering is submitted.
The Series I Warrants are granted free of charge as an incentive for New Shareholders whose names are registered in the Shareholders Register on the Allotment Date. Each holder of 10 new shares of the Company is entitled to 3 Series I Warrants where each 1 Series I Warrant entitles the holder to purchase 1 new share of the Company issued from the portepel.
The Series I Warrants are securities that entitle the holder to purchase Rp20 per share at an exercise price of Rp125, which can be exercised after 12 months from the issuance of the Series I Warrants until the next 24 months, starting from January 13, 2025 - January 12, 2027.
The total proceeds from the exercise of the Series I Warrants is a maximum of Rp28,593,750,000.
The company appointed PT Panca Global Sekuritas as the guarantor and executor of the securities issuance.
Later, all funds obtained by the company from the initial public offering of shares, after deducting issuance costs, all or 100% will be used for the company's working capital needs.
Among them, the basic costs required by the company for the process of building and building construction, road infrastructure development, hot mix asphalt production and ready mix concrete production. As well as salaries and benefits.
While the funds obtained by the company from the exercise of Series I Warrants will entirely be used by the Company as the Company's working capital in order to meet the Company's operational needs.
Source : Idx.co.id and cnbcindonesia.com
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