Aug 16, 2011

Tiga Pilar eyeing Rp700 bio rights issue

PT Tiga Pilar Sejahtera Food Tbk (AISA) is considering Rp700 billion preemptive rights issue in a bid to add its working capital.
"We are finalizing the usage of proceed. But, the rights issue is about Rp700 billion," said Finance Director Sjambiri Lioe as quoted by Bisnis Indonesia today.
According to Corporate Secretary Yuliani Liyuwardi, Tiga Pilar is scheduling the rights issue in the last quarter of this year.
Assuming closing market price yesterday, the rights issue will crease 35% dilution to Tiga Pilar's existing shareholders.
Tiga Pilar today also reports a 82.26% increase in net profit for the first 6 months of this year on the back of strong growth in revenue.
Tiga Pilar booked Rp45.11 billion net profit in 1H 2011 from Rp25.75 billion in 1H 2010. Operating profit rose 77.62% to Rp126.59 billion from Rp71.27 billion. However, its operating margin fell to 16.96% from 23.5% as a result of more than double operating expenses.  Tiga Pilar's net sales surged 146.47% to Rp746.17 billion from Rp302.74 billion.

Disclosure: No position at the stock mentioned above.

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