Bank Artos expects to obtain Rp 1.5 trillion during its rights issue
JAKARTA - PT Bank Artos Indonesia Tbk (ARTO) will conduct a rights issue by releasing 15 billion shares at a nominal value of Rp 100 per share on 10-16 March 2020. ARTO expects to obtain Rp 1.5 trillion during its rights issue.
This will be the first action taken by the company after its acquisition by PT Metarmorfosis Ekosistem Indonesia (MEI) and Wealth Track Technology Limited (WTT) at the end of 2019.
As quoted from the company disclosure, funds from the rights issue will be used to distribute credit (90%), investment in IT (5%), and as working capital (5%).
MEI and WTT have confirmed that it will take part in the rights issue. (LK/AR)