JAKARTA. PT Allo Bank Indonesia Tbk (BBHI) would arrange a rights issue of 11 billion shares, equal to 94% of the company’s issued and paid-up capital.
Quoting the information disclosure submitted on Indonesia Stock Exchange today (9/9), the said bank, owned by Chairul Tanjung, had set the face value to IDR 100 per share for this corporate action. Additionally, the execution price would be further announced In the prospectus.
As the ultimate shareholder of the company, PT Mega Corpora is granted the option of whether to transfer a portion or the entire rights in the said corporate action to the investors. Accordingly, for the absent investors, their portions would be diluted by up to 48.49%.
This considerable level of dilution is decided based on the assumption that some portion of the preemptive rights of PT Mega Corpora would be taken by strategic investors, while Mega Corpora itself would exercise some others. Furthermore, all public shareholders are presumed to claim their preemptive rights, be it exercising those in this upcoming rights issue or ordering additional shares should there be remaining shares in the public’s allotment. (AM/ZH)