Business · Companies · 3 hrs ago
PACK plans Rp8.2 trillion share sale to fund nickel acquisitions
PACK plans to raise up to Rp8.2 trillion by issuing as many as 100 billion new shares in Indonesia.
The company intends to use the money to buy all shares in nickel miner Bumanik and acquire mineral business Denway Development Limited, as well as repay loans and fund operations.
Bumanik has a 4,778-hectare concession in Morowali, Central Sulawesi, and PACK plans to pay about US$79 million for it.
The proposed purchase of Denway is valued at about US$324 million and is described as an affiliated transaction because the seller and PACK have the same ultimate controller.
PACK shareholders are due to vote on the plan on November 30, 2026, and the rights issue also needs an effective registration statement from Indonesia’s Financial Services Authority.
PACK’s controlling shareholder, Eco Energi Perkasa, has committed to take up its rights and buy any shares left unsubscribed, up to about US$418 million.
Investors who do not take up their rights could see their ownership diluted by as much as 74.6%.
PACK plans to raise up to Rp8.2 trillion by issuing as many as 100 billion new shares.
The Indonesian company plans to use part of the proceeds to acquire all of nickel miner Bumanik for about US$79 million.
PACK also plans to buy all of Denway Development Limited for about US$324 million.
PT Eco Energi Perkasa has committed to take up its rights and act as standby buyer for up to US$418 million of the share sale.
Shareholders who do not take up their rights could see their ownership diluted by as much as 74.6%.
- Who
- PT Abadi Nusantara Hijau Investama Tbk (PACK), an Indonesian company.
- What
- PACK plans a rights issue of up to 100 billion new shares to raise up to Rp8.2 trillion, including to fund acquisitions.
- When
- The plan was reported on October 23, 2026; a shareholder meeting is scheduled for November 30, 2026.
- Where
- PACK is based in Indonesia; Bumanik operates in Morowali, Central Sulawesi.
- Why
- To finance acquisitions, repay loans and provide working capital, while expanding its mineral mining business.
This story does not have two clearly opposing sides.
PACK’s information disclosure used an exchange rate of Rp17,703 per US dollar to estimate the maximum rights issue value.
Eco Energi Perkasa held about 38.5% of PACK, while Haji Isam held about 20%.
PACK disclosed plans for the rights issue and acquisitions.
PACK is scheduled to seek shareholder approval at an extraordinary general meeting.
The stated deadline for completing the Bumanik acquisition is April 22, 2027.
- Maximum rights issue
- Rp8.2 trillion, or US$463 million
- New shares
- Up to 100 billion
- Bumanik acquisition
- 100% for US$79 million, or about Rp1.4 trillion
- DDL acquisition
- 100% for US$324 million, or about Rp5.74 trillion
- Standby buyer
- Eco Energi Perkasa, up to US$418 million
- Potential dilution
- Up to 74.6% for shareholders who do not take up their rights
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What people are saying
Perseroan berencana untuk menerbitkan sebanyak-banyaknya 100.000.000.000 (seratus miliar) saham baru yang akan ditawarkan melalui mekanisme PMHMETD
Dalam hal pemegang saham tidak melaksanakan HMETD yang akan diperoleh, maka persentase kepemilikan sahamnya terhadap saham-saham Perseroan akan terdilusi hingga sebanyak-banyaknya sekitar 74,6 persen