Jakarta, CNBC Indonesia – PT BRIsyariah Tbk (BRIS) has confirmed that it will increase the number of shares outstanding (free float) on the stock exchange after the merger process with two other state-owned Islamic banks is completed next year. This is done to comply with the provisions of the Indonesia Stock Exchange.
BRIsyariah Operations Director Fahmi Subandi said the portion of public shares would indeed experience a reduction in the portion after the merger was carried out. However, the company has committed to comply with the 7.5% free float requirement.
“It is the company’s obligation after the merger to increase the public share ratio because after the merger it is diluted to 4% and the IDX regulation is at least 7.5%. So there is an obligation within a certain period to increase the public share ratio,” Fahmi said in a public expose. virtual, Thursday (5/11/2020).
As stated in the prospectus for the merger of state-owned sharia banks, the share of public shareholders will only remain at 4.4 percent from 18.47 percent previously.
Later PT Bank Mandiri Tbk (BMRI) will become the dominant shareholder of BRIS with ownership of up to 51% in this merger scheme. Meanwhile, BRIS will be the bank that receives the surviving entity.
The other shareholder composition in BRIS is PT Bank Negara Indonesia Tbk. (BBNI) 25.0%, PT Bank Rakyat Indonesia Tbk (BBRI) 17.4%, DPLK BRI-Sharia 2% and public investors 4.4%.
Meanwhile, when BRIS shares were 73% by PT Bank Rakyat Indonesia Tbk (BBRI) and 8.53% DPLK of Bank Rakyat Indonesia-Sharia Stocks.
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