Textile producer PT Sejahtera Bintang Abadi Textile Tbk (SBAT) made news after conducting rights issue towards the end of 2021. Tan Heng Lok, the majority shareholder of the company, was the standby buyer. In early July 2022, SBAT delivered the realization of the use of the proceeds from the rights issue, which had all been used. Nothing out of the ordinary so far, until we learned that Tan Heng Lok had recently filed a lawsuit against PT Industri Telekomunikasi Indonesia (Persero) (PT INTI), who is also a shareholder of SBAT.To subscribe please click here
