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Pan Brothers Rights Proceeds for Financing Seven Plants Construction
December 23, 2013

StockWatch (Jakarta) - PT Pan Brothers Tbk (PBRX), through its subsidiary, PT Eco Smart Garment Indonesia (ESGI), is constructing seven garment plants in Boyolali, Central Java, with US$60 million (around Rp720 billion) investment. Anne Patricia Sutanto, the Vice President Director of PBRX, revealed, the investment for plants construction comes from the IDR1.02 trillion proceeds of the third rights issue. “The investment’s been included for new machine and land purchasing,” she said in a press conference after the Extraordinary General Meeting (EGM), on Friday (20/12) evening. She clarified, the company is constructing four plants on the first quarter of 2014 and they are operated on the fourth quarter of 2014. The next two plants are being built on the first quarter of 2015 and hoped to hold operation in end of 2015. The other one is being developed in end of 2015 or early of 2016 and expected to be operated on the third or forth quarter of 2016. Anne also disclosed, if the seven plants has been operated, it’s garment production capacity is raising by 72% at 72.24 million pieces of polo shirt compared with the recent production of 42 million polo shirts. The total sewing machine for producing the polo shirts is expected to reach 25.000 units up to end of 2015. All of polo shirts are exported to the United States, Europe, Canada, Australia, and Japan. All of the company’s garment products which are produced by PBRX for the global famous apparel brand, such as Calvin Klein, Nautica, J Crew, S. Oliver, Tom Tailor, Christopher & Banks, Dillard, Esprit, Wilson, Uniqlo, Belk, Ping, The North Face, Tommy Hilfiger, Aeropostale, Victorinox, LL Bean, Woolrich, Arcteryx, Orage, LOLE, Peak Performance, CFL Commercial, Macy’s, Orvis, Stadium, Gerbing Clothing, Nike, Adidas, Salomon, Hugo Boss, Stella, New Balance, Under Armour, Spyder, Jack Wolfskin, Marvic, Guess Inc, Jones of New York, Strelson, Joop, North Sails, Oviesse, Coin Spa, NZA-Transit Fashion, Brooks Brothers, United Color of Benetton, and others. Anne also told, the company’s shareholders in the EGM on Friday (20/12) agreed the third rights issue implementation fo 3.395 million shares with IDR25 nominal value per share. The shares are offered IDR300 per unit, so the rights issue proceeds reaches IDR1.02 trillion. Accordiing to Anne, around 60% of the rights issue procedds is being spent to finance seven plants of PT Eco Smart Garment Indonesia. Around 30% for financing investment and 10% for working capital. (abr)