Sep 27, 2010

Pan Brothers to buy garment trading

PT Pan Brothers Tbk, publicly listed Indonesia-based textile company, plans acquire 51% stakes in Jakarta-based garment trading house.
In a public statement filed to Indonesia Stock Exchange (IDX), by acquiring 51% stakes, Pan Brothers aims to control the garment house and hopes a synergi to enter international market. The company will use proceed from rights issue to buy the garment house. But, Pan Brothers didn't disclose the certain name and the seller of the garment house.
Pan Brothers also plans to split its nominal stocks with 1:4 ratio, ballooning its equity from 1.78 billion shares from 445.44 million shares.
Director of Pan Brothers Fitri Ratnasari Hartono said that such corporate action aims to make the company’s stocks more liquid particularly with the higher volume of stocks.
At the moment, the face value of the company’s stock reached Rp100, while the market price has gone up 6.74% to Rp950.
“The company plans to hold the second right issue using the audited financial statement as per 30 June 2010 as well,” he said during the press announcement filed to Indonesia Stock Exchange.

Disclosure: No position at the stock mentioned above.

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