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BRI's stake in BRI Agro to be diluted

25 April 2019 16:12

JAKARTA. PT Bank Rakyat Indonesia Tbk (BBRI) CEO Suprajarto said the company would not execute the rights issue of PT Bank BRI Agroniaga Tbk (AGRO) in the second quarter of 2019. As a consequence, BRI's stake in AGRO will be diluted.

"BRI Agro will launch another rights issue, but we will not take our execution right," said Mr Suprajarto after a public expose in Jakarta, Wednesday (24/4).

He added that the rights issue aims to increase AGRO's capital and raise its status to III Commercial Bank (BUKU) with core capital from Rp 1 trillion to 5 trillion.

Based on the company's 2018 financial statements, AGRO has core capital of Rp 4.28 trillion, and needs an additional Rp 720 billion to raise its status to BUKU III.

On the other hand, said Mr Suprajarto, BRI's stake in AGRO will be diluted. "We will still retain a majority ownership above 70%," he added.

Hingga akhir 2018 lalu, BRI tercatat masih menguasai 87,10% saham BRI Agro. Sedangkan sisa 13,90% dimiliki oleh masyarakat. a 87.10% stake in AGRO, with the remaining 13.90% owned by the public. (AM/MS)

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