Bank Artos will rights issue, potentially gaining Rp 1.34 trillion
JAKARTA - PT Bank Artos Indonesia Tbk (ARTO) will release as many as 9.65 billion new shares through rights issue to obtain funds of up to Rp 1.341 trillion. The rights issue was announced through the company's disclosure at the Indonesia Stock Exchange on Friday (20/3).
According to the plan, Bank Artos Indonesia set the exercise price of the rights issue at Rp 139 per share. The shares will be distributed to shareholders who are listed on the Register of Shareholders (DPS) on 31 March 2020. PT Metamorfosis Ekosistem Indonesia (MEI), 37.65% owner of ARTO, and PT Wealth Track Technology Limited (WTT), 13.35% owner of ARTO, potentially gaining 3.63 billion and 1.28 billion new shares, respectively.
Currently, public investors hold 49% of ARTO's shares. PT Trimegah Sekuritas Indonesia Tbk (TRIM), has been appointed by ARTO as the stand-by buyer in this rights issue. However, TRIM expresses no interest to become a shareholder of ARTO. In such case that TRIM received leftover shares from its role as the stand-by buyer, those shares will be attributed to their investors. (ARM/AC/AR)