Jakarta, CNBC Indonesia – Shares of a bank owned by Mega Corpora controlled by national entrepreneur Chairul Tanjung, PT Allo Bank Indonesia Tbk (BBHI), previously known as PT Bank Harda Internasional Tbk (BBHI), shot up again in the first trading session, Monday (12/7/21).
Meanwhile, banking shares controlled by tycoon Anthoni Salim PT Bank Ina Perdana Tbk (BINA) are still being suspended by the trade regulator because they have accelerated in recent weeks.
According to data from the Indonesia Stock Exchange (IDX), BBHI shares are one of the top gainers today after soaring 25% or auto reject (ARA) to Rp. 2,700/share. BBHI’s transaction value today only reached Rp 2 billion.
Previously, BBHI’s stock price had just dropped to adjust to the theoretical stock price. The decline in BBHI’s share price was not due to a correction, but because of the theoretical share price in the context of issuing new shares with Pre-emptive Rights (HMETD) aka rights issue.
The latest sentiment that affects the movement of these shares is BBHI which has officially received approval from the Ministry of Law and Human Rights regarding the change of name to PT Allo Bank Indonesia Tbk which will take effect on June 30, 2021.
This step is in order rebranding after the company became part of the Bank Business Group (KUB) under the control of PT Mega Corpora together with PT Bank Mega Tbk (MEGA) and PT Bank Mega Syariah which will complement the banking services offered by the business group under the CT Group.
Currently the company has also obtained an effective statement from the OJK to carry out additional capital with Pre-emptive Rights (PMHMETD) or rights issue with OJK letter No.S-104/D.04/2021 dated 30 June 2021 regarding notification of the effective registration statement will increase the company’s capital by around Rp 7.498 trillion.
Dana rights issue will be used to fulfill the bank’s minimum core capital which will provide Allo Bank’s ability to develop business activities in the credit sector with technological innovations known as digital banks.
Last Friday, the IDX released an announcement regarding the theoretical price of BBHI’s shares, which according to the exchange’s calculations, the theoretical price of BBHI was at Rp. 1,736,819 and was rounded down to Rp. 1,735/unit.
The theoretical price is the adjustment price between the market price and the rights issue redemption price.
This is the exchange mechanism so that post-rights issue so that the issuer’s market capitalization does not spike suddenly, especially when rights issue This is done in issuing a large number of shares with a redemption price below the market price such as BBHI, this is because the market capitalization of a company is influenced by the share price and then multiplied by the number of shares.
Theoretically, investors will not lose money because the stock price drops suddenly.
This is because later investors will get rights shares (BBHI-R) where each holder of 125 BBHI holdings as of July 8 yesterday will get 224 rights issue. The investor can redeem 1 BBHI share at a price of Rp 100/share.
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Photo: BBHI data BEI BBHI data BEI- – |
The Cum Date RI BBHI is listed on the regular market on July 8, the regular Ex Date on July 9, while the rights issue can later be held on the cash market from July 14 to July 21.
Last Friday, BBHI’s shares were closed by ARA (top auto reject) 24.50% to a price level of Rp 2,160/share with a transaction value of Rp 1.4 billion.
Furthermore, BINA’s shares have been suspended since last Friday, July 9 by the stock exchange following a significant increase in the accumulative price. This stock had accelerated in the green zone for 10 consecutive days, namely on June 11-24.
The recent increase in BINA’s shares was driven by the latest news that the company plans to carry out rights issue. In rights issue Accordingly, BINA will release a maximum of 2 billion new shares with a nominal value of Rp 100 per share.
With the approval of this rights issue, Anthony Salim, as the ultimate shareholder, has the opportunity to increase his share ownership in Bank Ina.
CNBC INDONESIA RESEARCH TEAM
(trp/trp)
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