PT Kota Satu Properti Tbk (SATU) plans to issue as many as 137.5 million series B shares without pre-emptive rights or 10% of the company's issued and fully paid-up capital.

Quoting a brief prospectus, Tuesday (18/5), the company believes that the COVID-19 pandemic that has hit various aspects will have an impact on Indonesia's economic contraction. This also has an impact on company performance.

In 2021, the company will continue to strive to improve performance and strengthen its capital structure. Therefore, this transaction plan aims to strengthen the company's capital structure, namely increasing working capital and paying off bank loans.

With the number of new shares issued to increase the capital, the percentage share ownership of each shareholder will be diluted by around 9.09%.

Meanwhile, an indication of the implementation schedule is the EGMS on June 23, 2021, request for the listing of shares on June 25, 2021, notification to the O