PANI Plans Rp16.1 Trillion Rights Issue for CBDK Shares

• PANI aims to raise Rp16.1 trillion to boost its CBDK stake to 90%, strengthening control over its subsidiary.

• The deal values CBDK at Rp36.6 trillion and could raise PANI’s NAV by 23%, enhancing its market position.

By Kenzie Aryasatya, Fayza Nawra Avanitanya, Muthia Noor Safitri, Imam Fakhri Prayogo Harianto 

September 9, 2025 at 16:30 GMT+7

Property developer PT Pantai Indah Kapuk Dua Tbk (PANI) announced plans to launch its third rights issue, aiming to issue up to 1.21 billion new shares. The corporate action is projected to raise approximately Rp16.1 trillion, though the final share price has not yet been disclosed. 

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To move forward, PANI will seek shareholder approval at its Extraordinary General Meeting (RUPSLB) scheduled for Thursday (10/9). The fundraising initiative underscores the company’s aggressive expansion drive, following a series of strategic investments in its core property and development projects. 

Market participants are closely watching the move, given its potential to significantly alter PANI’s balance sheet and strengthen its control over a key subsidiary that plays a central role in its long-term growth strategy.

President Director of PT Pantai Indah Kapuk Dua Tbk (PANI), Sugianto Kusuma at the press conference for PANI's EGMS in Jakarta, Indonesia | Source: Aldhi Chandra Setiawan

Proceeds from the rights issue are primarily earmarked to acquire 44.1% of PT Bangun Kosambi Sukses (CBDK) shares from existing owners Agung Sedayu and Tunas Mekar Jaya. The transaction, valued at Rp16.125 trillion, will boost PANI’s ownership in CBDK from 45.9% to about 90%, effectively consolidating control of the subsidiary. 

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CBDK manages large-scale developments that are central to PANI’s expansion pipeline, making the acquisition a strategic step toward strengthening its real estate portfolio. Beyond the CBDK purchase, a portion of the funds will also be allocated for new investments across three of PANI’s subsidiaries, aimed at broadening revenue streams and supporting long-term growth. 

The rights issue positions PANI to reinforce its capital structure while capturing higher value from its flagship projects.

PIK Avenue Building | Source: Agungsedayu web

The minimum rights issue price is estimated at Rp13,800 per share if fully subscribed. This places CBDK’s valuation at roughly Rp36.6 trillion, translating to around Rp6,450 per share, a level considered close to prevailing market prices. 

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The valuation highlights the strategic importance of CBDK within PANI’s overall asset base, as the township developer plays a pivotal role in the Jakarta metropolitan area’s expansion. Market estimates project that PANI’s net asset value (NAV) could rise by about 23% following the acquisition, enhancing shareholder value and strengthening the company’s competitive edge in Indonesia’s property sector. 

The move also aligns with government priorities to stimulate economic growth through infrastructure and urban development, underscoring the company’s role as a key player in advancing large-scale property projects that dovetail with national development objectives.

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Sources:

CNBC 

Stockbit