Jakarta. Pantai Indah Kapuk Dua (PANI) has officially transitioned its business line from consumer non-cyclical to properties & real estate, following the results of the annual evaluation by the Indonesia Stock Exchange (IDX).

"This move could bolster PANI's chances of inclusion in stock indices," noted Stockbit Sekuritas on Tuesday.

PANI's stock rose by 2.5 percent in early trading on Tuesday, reaching Rp 5,075 per share.

Since its initial rights issue and acquisition of land in Jakarta's northern coastal PIK 2 area in August 2022, PANI has concentrated on property development.

PIK 2, one of 14 National Strategic Projects (PSN) fully backed by private sector investment in 2024, is slated for a Rp 40 trillion investment by PANI. The development project, set to begin in 2024, aims for completion by 2060.

PANI plans to issue up to 1.56 billion shares or a maximum of 10 percent through a private placement. Management confirmed the private placement would occur within two years of Wednesday's EGM.

"All funds received from the private placement, net of costs, will fortify PANI's capital structure to support business operations, develop business units and subsidiaries, and enhance financial standing beneficial to shareholders, including the public," management stated.

Originally founded in 2000 as a fishing company in Tangerang, PANI diversified into property development in North Jakarta's Pantai Indah Kapuk (PIK) area. Multi Artha Pratama's acquisition of an 80 percent stake in PANI, comprising 328 million shares in October 2021, facilitated this strategic shift, backed by Agung Sedayu Group and Salim Group.