Jakarta. Property developer Pantai Indah Kapuk Dua (PANI), a subsidiary of Agung Sedayu and Salim Group, is concluding two rounds of private placements in August 2024, aiming to raise a total of Rp 6.5 trillion ($420.37 million) for business expansion.

The first private placement, held on Aug. 19, involved the issuance of 787,433,700 new shares at Rp 5,200 per share, generating Rp 4.09 trillion in funds. The second round is scheduled for Aug. 22, with the issuance of 469,011,800 new shares at the same price, expected to raise an additional Rp 2.43 trillion.

All new shares are subscribed to by Multi Artha Pratama, the controlling shareholder of PANI, and an entity under the Agung Sedayu and Salim Group.

Sugianto "Aguan" Kusuma, President Director of PANI, said that the capital increase is part of an ongoing corporate action that began in 2022 and continued into 2023. The funds will be used to support PANI's business expansion.

“With our efforts and resources, I am confident that shareholders will see sustained growth in each period. I am very optimistic about PANI’s future business prospects and the overall growth of Indonesia’s economy,” he added.

In the first half of 2024, PANI reported revenues of Rp 1.3 trillion, indicating stable and promising growth compared to the previous year. The addition of new subsidiaries contributed significantly to PANI’s gross profit for the first half of the year.

PANI also achieved an 8 percent increase in operating profit, reaching Rp 574 billion, compared to the same period last year. Furthermore, net profit attributable to PANI surged by 35 percent to Rp 286 billion, up from Rp 211 billion in the first half of 2023, thanks to the consolidation of additional subsidiaries funded by a second rights issue.