Summarecon Issues 3.6 Billion Shares Through a Rights Issue to Increase Working Capital

On April 1, 2021, PT Summarecon Agung Tbk., has held an Extraordinary General Meeting of Shares (EGMS), with the agenda of approval to Make Capital Increase with Pre-emptive Rights (MCIPD) or “rights issue” by issuing a maximum of 3,606. 695,420 (three billion six hundred six million six hundred ninety five thousand four hundred and twenty) shares or 25% (twenty five percent) of the paid-up capital of the Company, with a nominal value of Rp100 (one hundred rupiah) per share.

“The proceeds from this rights issue will be used to strengthen the capital structure, debt payments and working capital to accelerate the development of the Company’s business, either directly or indirectly through the Subsidiaries. It is hoped that with this corporate action, the company’s performance and competitiveness will increase.” , conveyed by Adrianto P. Adhi, President Director of Summarecon.

In the midst of very challenging national and global economic conditions due to prolonged impact of the Covid-19 pandemic, Summarecon remains productive and has scored quite good marketing sales. In 2020, Summarecon managed to book sales of IDR 3.3 trillion. In 2021, the Company is optimistic that performance can improve, especially with the Covid-19 vaccine program and regulatory support from the Government, such as loosening the property’s LTV ratio and disbursement of indent mortgage to 100%, as well as VAT (Value Added Tax) borne by the Government for property. Thus, it is hoped that the Company’s performance in the future will increase along with the increase in the Company’s business scale, through the development of innovative and quality products that will increase economic added value for all stakeholders.

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