Jakarta, CNBC Indonesia – PT Regional Development Bank Banten Tbk (BEKS) or Bank Banten plans to conduct a limited public offering (PUT VII) through additional capital by granting preemptive rights (HMETD) or rights issue.
According to the prospectus published in website Indonesia Stock Exchange (IDX), in this corporate action, Bank Banten will issue a maximum of 23.39 billion (23,388,895,092) new series C shares with a nominal value of Rp 50/share.
Assuming the price of the rights issue at BEKS’s stock price at the close of Tuesday (24/8/2021) is Rp 100/share, then Bank Banten has the potential to raise funds of Rp 2.34 trillion.
All funds obtained by the company from the proceeds rights issue The funds will be used for the company’s business expansion, particularly for lending around 65 percent and strengthening the company’s financial structure around 35 percent.
The main shareholder of Bank Banten, PT Banten Global Development, will not exercise its rights according to the ownership portion in this PUT VII.
“All of these HMETD shares will be removed from the portfolio and will be listed on the IDX with due observance of the applicable laws and regulations,” explained BEKS management, quoted by CNBC Indonesia, Tuesday (24/8).
Bank Banten itself has not announced the amount of the decrease in the percentage of share ownership (dilution) for shareholders who do not exercise their rights in this rights issue.
Previously, this rights issue plan had received the blessing of BEKS shareholders through the extraordinary general meeting of shareholders (EGMS) held on October 2, 2020.
For the rights issue schedule, the last recording date for obtaining Preemptive Rights falls on October 12, 2021. Meanwhile, the trading period for HMED takes place on October 14 – October 21, 2021. Then, the allotment date will be October 26, 2021.
As an illustration, as of July 31, 2021, PT Banten Global Development controlled 78.21% of Bank Banten’s shares. Meanwhile, the rest is held by the community (ownership below 5%) of 21.79%.
On the stock exchange, BEKS’ share price closed down 0.99% to Rp 100/share, with a transaction value of Rp 18.13 billion and a market capitalization value of Rp 4.38 trillion. In a month BEKS shares rose 8.70%, while year to date (ytd) rose 2.04%.
Previously, Bank Banten was also pushing for a collaboration with Amazon Web Services (AWS) this August. The collaboration that will be carried out is the development of Bank Banten’s information technology system with technology cloud (cloud computing) owned by AWS.
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