What is a right (HMETD) on Pluang?

A right (HMETD, or Hak Memesan Efek Terlebih Dahulu) on Pluang is a pre-emptive entitlement that lets existing shareholders buy newly issued shares directly from the company at a fixed discount price, ahead of the wider market. Companies issue rights to raise additional capital — typically for expansion, debt repayment, or new investments — without immediately bringing in outside investors, and existing shareholders get first option to participate at that discounted price. On Pluang, rights are listed as their own tradeable instrument with a "-R" ticker suffix (e.g. BBCA-R), separate from the underlying stock. Once allocated or bought, you have two options: exercise the right to buy new shares at the fixed price, or sell the right itself in the market. Both options are only available during the rights' limited trading and exercise window — miss it, and the right expires worthless with no automatic conversion or refund.

Key things to know about rights on Pluang:

• Pre-emptive nature: existing shareholders get first option to buy new shares before they're offered to the wider market
• Discounted price: the exercise price is usually lower than the market price of the underlying stock
• Ticker format: rights are listed as a separate ticker with the suffix "-R" (e.g. BBCA-R for Bank Central Asia rights)
• Two paths: you can either exercise the right (buy the new shares at the fixed price) or sell the right itself in the market
• Limited window: rights are only valid during the exercise period; outside this window they expire worthless

Related questions:

Q: Why do companies issue rights?
To raise additional capital — usually for expansion, debt repayment, or new investments — without bringing in outside investors right away. Existing shareholders get the first option to participate, often at a meaningful discount to the current market price, meant to make participation attractive enough that most shareholders subscribe rather than let their stake get diluted.

Q: What does HMETD stand for?
Hak Memesan Efek Terlebih Dahulu — the Indonesian regulatory term for a pre-emptive right to subscribe to new shares before they're offered to other investors. It's the formal name used in Indonesian capital markets law, while "rights" is the everyday shorthand used in the app.

Q: What are the key dates I need to track?
Cum Date (last day to own the stock and qualify), Ex Date (the day after Cum Date — buying on or after this date no longer qualifies), Trading Start and Trading End (the window to exercise or trade the right — anything unresolved by Trading End expires worthless), and the Ratio and Right Price shown directly on the rights issue card in-app.

Q: What happens to rights I don't act on?
If you neither exercise nor sell your rights before the Trading End date, they expire and become worthless — whether they were allocated to you for free or bought in the market. There is no automatic conversion, no refund, and no grace period once the window closes.