ENRG Stock Today Plunges Sharply, Here's the Impact of the Rights Issue and HMETD

On Friday, October 2, 2026, ENRG stock closed at Rp1,440. On Monday morning, the 4-hour chart showed a candle sliding to around Rp1,025, falling nearly 29% in a single session. At first glance, stock ENRG today looked like it was being dumped en masse.

The main cause was more technical. Shareholders' pre-emptive rights (HMETD) began to be separated from their shares, and the price adjusted automatically. About 26 percentage points of that decline were purely the result of calculation, not selling pressure.

Key Takeaways

• ENRG is holding a 2:1 rights issue: every 2 old shares receive 1 HMETD to buy 1 new share at Rp310, with a fundraising target of up to around Rp4.12 trillion.
• IDX set a theoretical ex-rights price of Rp1,065 from the cum price of Rp1,440, so the decline on screen is not merely market weakness.
• HMETD are traded from October 8–21, 2026, and shareholders who do not subscribe will be diluted by up to a maximum of 33.33%.

ENRG Rights Issue: Ratio, Subscription Price, and Schedule

PT Energi Mega Persada Tbk (ENRG) will issue a maximum of 13.28 billion new Series B shares at an exercise price of Rp310 per share. The fundraising target is around Rp4.12 trillion, according to EmitenNews. OJK declared the registration statement for this rights issue effective through a letter dated September 24, 2026.

The mechanism is as follows. Every holder of 2 old shares recorded on October 6, 2026 at 4:00 p.m. WIB is entitled to 1 HMETD. One HMETD can be exchanged for 1 new share at Rp310.

The important schedule, based on the prospectus summarized by Pintar Saham:

• October 2: cum HMETD in the regular and negotiation markets
• October 5: ex HMETD in the regular and negotiation markets
• October 8–21: HMETD trading and exercise period
• October 23: deadline for payment of additional shares
• October 26–27: allotment and payment by standby buyers

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Why Is ENRG Stock Down Today? How to Read the Theoretical Price

After the ex date, the stock is traded without the right to exercise HMETD. Therefore, IDX set a theoretical price as a bargaining reference. Based on IDX Channel, the formula is:

(Rp1,440 × 2 + Rp310 × 1) ÷ 3 = Rp1,063.33

That figure was adjusted to the price fraction to become Rp1,065 for October 5, 2026, in accordance with IDX Announcement No. Peng-00187/BEI.POP/10-2026. From Rp1,440 to Rp1,065, the difference is around 26%.

On the chart, the price was once recorded at Rp1,025, around 3.8% below the theoretical price. That is an intraday figure that can change throughout the session.

As an illustrative calculation, imagine a holder of 1,000 ENRG shares:

• Before the ex date, their shares were worth Rp1,440,000.
• After the ex date, those 1,000 shares are worth around Rp1,063,333.
• The shareholder also receives 500 HMETD, with a theoretical value of around Rp753 per HMETD, or around Rp376,667 in total.
• The total returns to Rp1,440,000.

This means the ownership value does not disappear. Its value shifts from the share price to the HMETD.

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Standby Buyer and Plan for Use of Funds

The controlling shareholder, PT Shima Global Kapital, chose not to exercise its rights. As many as 2.33 billion of its HMETD were transferred to PT Bakrie Kalila Investment (BKI), according to EmitenNews.

BKI will exercise 2.80 billion HMETD worth Rp869.2 billion, while PT Bakrie Capital Indonesia will exercise 554.78 million HMETD worth Rp171.9 billion. Based on IDX Channel, BKI has also prepared funds to absorb up to 10.5 billion HMETD, so there is a guarantee of absorption if other shareholders do not subscribe.

All net proceeds will be channeled as loans to subsidiaries, according to EmitenNews. The details are 54.8% lent to EMP Bentu for drilling 9 wells and 16.1% to EMP Inc. The remainder is for other needs such as pipe renewal, gas facilities, and upstream oil and gas working capital.

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Things Shareholders Need to Watch Out For

First, dilution. If all HMETD are exercised, the number of outstanding shares increases and the stake of shareholders who do not subscribe shrinks by up to 33.33%.

Second, deadlines. Shareholders must decide between exercising the HMETD, selling them during October 8–21, or letting them expire. Payment for additional shares is due by October 23 at the latest.

Third, operational performance. Data TradingView recorded ENRG's net profit in the last quarter at Rp471.39 billion, up from Rp308.86 billion in the previous quarter. IDX Channel also reported that net profit grew 27% through June 2026. This fresh funding will be used to expand upstream oil and gas activities, but the results will only become visible after drilling is underway.

This information is educational and is not a solicitation to buy or sell shares. Check IDX's official information disclosure before making a decision.

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Conclusion

The decline in ENRG shares on October 5, 2026 largely reflects an ex-rights adjustment, not merely market weakness. The theoretical price of Rp1,065 serves as the benchmark, while ownership value shifts to the HMETD.

The next stage is the HMETD trading period on October 8–21, 2026. Keep monitoring the latest ENRG stock news, and first calculate the funds needed if you want to subscribe.

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FAQ

What are pre-emptive rights (HMETD)? 

HMETD are the rights of existing shareholders to buy new shares first at a certain price before they are offered to the public. In ENRG's rights issue, 1 HMETD can be exchanged for 1 new share at Rp310.

What are the ratio and subscription price of ENRG's rights issue? 

The ratio is 2:1, meaning 2 old shares receive 1 HMETD. The subscription price is Rp310 per new share.

When are ENRG's HMETD traded? 

The HMETD trading and exercise period runs from October 8–21, 2026. Payment for additional shares is due by October 23, 2026 at the latest.

Why is ENRG stock down today? 

Most of the decline comes from the ex-rights price adjustment. IDX set a theoretical price of Rp1,065 from the cum price of Rp1,440.

What happens if HMETD are not exercised? 

The ownership stake is diluted, with a maximum dilution of 33.33% if all HMETD are exercised. HMETD can also be sold during the October 8–21 trading period.