JAKARTA. PT Bank Rakyat Indonesia (Persero) Tbk (BBRI) is scheduled to offer 28.68 billion new shares with preemptive rights, or rights issue, in September 2021.
In its published prospectus, the management states that the proceeds from the rights issue would be utilised to establish an ultra-micro state-owned business holding. The establishment would be a joint effort between Bank BRI and two other state-owned enterprises (BUMN), PT Pegadaian (Persero) and PT Permodalan Nasional Madani (Persero).
In addition to that, BBRI would allocate a portion of the rights issue proceeds to the working capital. “[It is] related to the development of ultra-micro, as well as micro and small businesses ecosystems,” the management further explains.
Bank BRI had obtained approval from its stockholders for this action last week. However, the company has not yet specified the execution price or the target for funds raised through this rights issue.
“In setting the price for the rights issue, we would take many factors into consideration. They include the latest macroeconomy and industry condition, the company’s performance, its price fluctuation, and suggestions from the stockholders,” Viviana Dyah Ayu Retno Kumalasari, Financial Director of Bank BRI, concludes in a press release. (KR/ZH)