Sritex Stock Rose 69 Percent in 2017

PT Sri Rejeki Isman Tbk (SRIL) share price closed at Rp 388 per share on Monday, November 6th. This means the textile company's share price has increased by 68.7 percent from its year-end 2016 position of Rp 230 per share. Compared to its initial public offering (IPO) price, the share price (SRIL) is up 61.7 percent. SRIL's share price reached its highest level of Rp 496 per share on March 6th, 2017.

SRIL is an integrated garment and textile company located in Sukoharjo Regency, Central Java. SRIL listed its shares on the Indonesia Stock Exchange on June 17th, 2013, at an IPO price of Rp 240 per share, raising Rp 1.344 trillion.

On November 6th, 2017, via press release, Sritex's Extraordinary General Meeting of Shareholders approved a corporate action to increase the company's capital through a private placement, without offering pre-emptive rights. The aim is to strengthen the capital structure and liquidity to support sales growth targets of up to 12 percent and profit growth of up to 15 percent. This private placement will increase the number of shares by 10 percent of the total issued and paid-up capital (1.86 billion shares). The funds to be raised will reach Rp 658 billion.