PANI just eased market tension by rolling out a revised rights issue structure that feels much more in line with where sentiment is today. The exercise price is cut to IDR 12,975 and the number of new shares is bumped up to 1.21 billion, making the deal more reasonable and increasing the odds of strong public take-up. MAP is also loosening its grip—only exercising 36% of its entitlement but staying ready to top up if needed, backed by BCA Sekuritas and Trimegah as standby buyers. With this setup, the risk of an undersubscribed rights issue is close to zero.

On the use-of-funds side, the strategy stays consistent: the bulk will go toward increasing PANI’s stake in CBDK. There are two possible outcomes depending on how active the public is. If demand is soft, PANI will raise about IDR 13.8T to acquire 37.77% of CBDK; if the public comes in strong, proceeds could reach IDR 15.1T for up to 41.37% ownership. Either way, the acquisition is fully secured through a mix of rights issue proceeds and internal cash. Strategically, this strengthens revenue consolidation from PIK2, especially the commercial, MICE, and hospitality segments that are picking up speed.
 

From a market perspective, the change also brings a meaningful upside: free float could rise to 12–16%, significantly improving liquidity and making PANI more accessible to institutional investors who previously struggled due to the very tight float. Combined with ongoing landbank monetization at PIK2 and growing recurring income from CBDK, the overall sentiment around PANI continues to improve.

Overall, the revised right issue makes PANI’s funding plan far more secure and market-friendly. With better pricing, stronger absorption, and a clear path to increasing its stake in CBDK, the equity story stays intact. That’s why Our analyst remain bullish, seeing current levels as a solid opportunity to start accumulating.