JAKARTA: Garment producer PT Pan Brothers Tbk (PBRX) has set a rights issue of 445.44 million shares at IDR1,350 per share or IDR601.34 billion.In an additional prospectus published today, each holder of Pan Brothers stocks has one rights to buy shares issued by the company.Following the rights issue, Pan Brothers also plans to issue 148.48 million series I warrants at IDR1,600 or IDR237.57 billion.Pan Brothers aims to use 16.73% of the proceed to expand production capacity and 33.33% to add more capital in PT Pancaprima Ekabrothers, its subsidiary.Pan Brothers will also use 6.95% of the proceed to acquire 51% holding in PT Hollit International, 3% to buy land and factory from its affiliated Liliana Gani. The remaining will be used to boost working capital and business development. (wiw)

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