Tiga Pilar (AISA) shares shot, investors still have to be careful

ILLUSTRATION. Tiga Pilar (AISA) stock price accumulated a 26.19% increase over the past week

Reporter: Dityasa H. Forddanta | Editor: Wahyu T. Rahmawati

KONTAN.CO.ID – JAKARTA. The Indonesia Stock Exchange (IDX) reopened trading in shares of PT Tiga Pilar Sejahtera Food Tbk (AISA) since the start of the week. The movement so far has been quite attractive.

Friday (4/9), AISA’s share price closed up 28 points or 15.22% equivalent to Rp 212 per share. As a result, shares whose case caused a stir at the local stock market have accumulated a 26.19% increase over the past week.

In fact, AISA’s shares had closed down 6.37% to the level of Rp 147 per share Monday (31/8) in the first trading day after the suspension was lifted. One day after that, AISA’s shares closed down 6.80% again to the level of Rp 137 per share. Only on Thursday AISA’s shares shot up 34.31% to the level of Rp 184 per share and will continue until the close of trading today.

Despite losing the business with the largest contribution to financial performance, namely the rice segment, AISA’s fundamentals still have a bright prospect. Moreover, this company is still focused on the consumer sector.

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However, David Sutyanto, Head of Equity Swarna Sekuritas, has not recommended AISA shares for the short term. “Better to wait until the financial reports come out,” said David, Friday (4/9).

Apart from financial reports, investors also need to wait for other things, such as the impact of future corporate actions. “So that more confirm, “added David.

To be sure, shareholder ownership will be diluted to 55.62%. The reason is, AISA will issue new shares with a scheme without preemptive rights alias private placement.

Also Read: Good news, Tiga Pilar (AISA) shares can be traded starting Monday (31/8)

President Director of AISA Lim Aung Seng explained that his company would release 6 billion series B shares with an exercise price of Rp 210 per share through private placement the. This means that AISA will reap Rp.1.26 trillion through this corporate action, where all of its shares will be absorbed by PT Pangan Sejahtera Investama.

Pangan Sejahtera is the holder of 32.78% of AISA shares. “Fund results private placement We will use it to improve financial conditions, “explained Lim. Among them were to pay TPS Food I bonds of Rp. 600 billion, Sukuk Ijarah TPS Food I of Rp. 300 billion and Sukuk Ijarah of TPS Food II of Rp. 1.2 trillion.

After private placement, AISA’s balance sheet will improve. Equity that was previously minus IDR 1.32 trillion turned into a surplus of IDR 1.13 trillion.

Lim added, financial obligations AISA will be due later this year. “Thus, private placement will be completed no later than December this year, “he said.