Coal Asset Injection Powers Massive $1.7 Billion Rights Issue as FORU Shares Rocket 25%

JAKARTA, Investortrust.id — Jakarta-listed communications and investment vehicle PT Fortune Indonesia Tbk (FORU) is engineering a massive Rp 27.10 trillion ($1.70 billion) rights issue, anchoring the balance sheet transformation around a major asset injection of a Central Kalimantan coal miner.

The company plans to issue up to 215.09 billion new shares priced at an execution price of Rp 126 ($0.0079) per share under its first preemptive rights issue (PMHMETD I) scheme.

Shares of FORU opened limit-up on Monday morning, soaring by Rp 930 ($0.058) or 25% to reach Rp 4,650 ($0.29), extending an aggressive multi-week rally that has driven the equity up more than 119% over the past month.

The colossal transaction represents a structural corporate pivot that transforms a legacy media and communications firm into a heavy-resource holding platform. By injecting an operating thermal coal asset into a publicly listed shell via a non-cash inbreng, the controlling backers are sidestepping traditional initial public offerings to command vast capital-market liquidity and public equity valuation in Southeast Asia.

Mega Capital Expansion and Shareholder Ratios

The new shares carry a par value of Rp 100 per share, representing an extraordinary 99.79% of Fortune Indonesia's enlarged issued and paid-up capital upon completion.

Under the offering structure, every existing shareholder holding 100 shares recorded on the shareholder register (DPS) as of Sept. 23, 2026, will be entitled to 46,235 rights. All newly issued shares resulting from the offering will list on the Indonesia Stock Exchange (BEI) in compliance with capital market regulations.

Fortune Indonesia had earlier obtained formal approval from its extraordinary general meeting of shareholders (EGMS) to execute the massive equity issuance of up to 215.09 billion registered shares.

In-Kind Asset Contribution from IMR Asia

Controlling shareholder IMR Asia Holding Pte Ltd (IMR AH) has confirmed it will exercise nearly all of its preemptive rights through a non-cash capital contribution (inbreng).

According to a formal statement of commitment dated July 20, 2026, IMR AH—which owns 357.34 million shares or a 76.81% equity interest in FORU—holds the right to acquire 165.21 billion new shares.

IMR AH confirmed it will exercise 165.21 billion rights by injecting a 49% stake in operating coal miner PT Borneo Prima (BP), transferring 10,780 Series A shares directly into FORU. The appraised valuation of the mining equity slated for the inbreng transfer reaches Rp 20.81 trillion ($1.31 billion).

Borneo Prima operates an active coal mining concession located in Puruk Cahu, Murung Raya Regency, Central Kalimantan.

Trading Window and Execution Timelines

The cutoff date to determine registered shareholders eligible for rights allocations is set for Sept. 23, 2026.

Following the registry cutoff, the new shares arising from exercised rights will list on the domestic exchange on Sept. 25, 2026.

The rights will trade both on and off the exchange across a seven-business-day trading window running from Sept. 25 through Oct. 6, 2026.