TIFA - PT. KDB Tifa Finance Tbk

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JAKARTA – PT KDB Tifa Finance Tbk (TIFA) is set to gain fresh funds of IDR 642.85 billion via rights issue on the upcoming September 9 to 15, 2021. In the said corporate action, the company would issue 2,472,513,000 shares worth IDR 260 each.

In the information disclosure quoted on Monday (30/8), Ester Gunawan, Director of KDB Tifa Finance, announces that the ratio used in this action equals 110:229. It is also said that IDR 106.04 billion of the proceeds would be spent on paying back the loans and their interest to BCA. Another IDR 120.39 billion would also be channelled to pay debts to PT Bank Shinhan Indonesia, while the remaining portion would be used to settle a bank statement loan and its interest to BCA as of September 22, 2021.

Until June 2021, TIFA’s authorised capital amounts to IDR 400 billion. Its issued and paid-up capital equals IDR 107.97 billion, while its stock in portfolio holds IDR 292.03 billion. The Korean Development Bank (KDB) controls 84.6452% of the shares, PT Dwi Satrya Utama (DSU) owns another 14.9955%, while public investors share the remaining 0.3583%. After the said rights issue, and assuming that all shareholders exercise their rights, the issued and paid-up capital would rise to IDR 335.22 billion, while the stock in portfolio depletes to IDR 44.77 billion. Then, the shareholder structure would remain the same.

However, should KDB be the only participant in the said corporate action, the issued and paid-up capital would only increase to IDR 317.25 billion, while the stock in portfolio decreases to IDR 82.74 billion. Using this scenario, KDB would gain ownership of 94.7744%, while DSU and the public’s portions drop to 5.1037% and 0.1219%, respectively. (LK/ZH)