JAKARTA – PT Bank Woori Saudara Indonesia 1906 Tbk (SDRA) would pay a portion of its debt to BCA, amounting to IDR 500 billion, maturing on September 27, 2021, and November 29, 2021. The funds would be taken out of its rights issue proceeds of 2.68 billion shares, scheduled for September 15 to 22, 2021.
In the information disclosure, quoted Wednesday (28/7), the management aims to collect at least IDR 269 billion via the rights issue. The standby buyer for the upcoming transaction is Woori Bank Korea (WBK), the majority shareholder of 79.88% of the bank.
SDRA currently owns an authorised capital of IDR 1.5 trillion, issued and paid-up capital of IDR 658.09 billion, and stock in portfolio of IDR 841.90 billion. Its stockholders are WBK 79.88%, Arifin Panigoro 9.60%, and the public 10.52%. Assuming that the rights issue would only have WBK as the participant, SDRA’s issued and paid-up capital would rise to IDR 926.09 billion, while its stock in portfolio depletes to IDR 573.90 billion. Thus, WBK would have 85.70% of the shares, Arifin Panigoro 6.82%, and the public 7.48%.
This corporate action had been approved during the Extraordinary General Shareholders Meeting last week (14/7). Half of the proceeds would be allocated to strengthen its corporate and consumer credit channeling, while the other 40% would be spent on settling debts to banks. SDRA still owes BCA IDR 1.5 trillion, a facility it obtained back on September 29, 2021, and November 29, 2021. (LK/ZH)