JAKARTA – PT KDB Tifa Finance Tbk (TIFA) is gearing up for the rights issue, offering a maximum of 2.9 billion shares to increase capital, particularly consumer financing. This plan has been agreed upon during the Extraordinary General Shareholders Meeting held last week (4/6).
Dwi Indriyanie, the Corporate Secretary of KDB Tifa Finance, reveals that the stakeholders allowed the directors to set the execution price, the funds’ allocation, and utilisation regarding the rights issue. “[They] agree to give rights and control to the directors with substitution rights to execute several actions concerning the limited public offering,” Indriyanie adds.
Besides, the said meeting also approved TIFA’s shariah business unit expansion after acquiring additional capital from the rights issue. However, the amount of capital needed to establish this additional business unit has not yet been specified.
As of May 2021, the number of TIFA’s shares amounts to 1,079,700,000. The Korea Development (KD) owns 84.65%, PT Dwi Satrya 15%, and the public 0.35%. By December 2020, TIFA’s revenue was reported to reach IDR 158.89 billion, with a net profit of IDR 14.94 billion and total assets of IDR 1.1 trillion. (LK/ZH)