The Extraordinary General Meeting of Shareholders (EGMS) of PT Summarecon Agung Tbk (SMRA) approved the increase in capital by granting Pre-emptive Rights to shareholders, which the company will carry out through the mechanism of the second limited public offering.

The targeted amount of funds from this LPO II is Rp1.5 trillion, which the company will determine the exercise price later. In this case, the majority shareholder of SMRA has stated that they will participate in executing their rights.

The company plans to use the proceeds from this rights issue to strengthen its capital structure, debt payments, and working capital to accelerate business development, either directly or indirectly, through its subsidiaries.

"This rights issue is expected to strengthen the capital structure so that it can increase the ability to increase the company's business activities, performance, and competitiveness," said Summarecon President Director Adrianto P. Adhi in Jakarta on Wednesday (7/4).

Furthermore, Summarecon is optimistic about the growth of the property market in the country.

With various support from government regulations, the decline in the number of Covid-19 infections, accompanied by mass vaccination activities, will support property sales' gradual recovery.