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Bank Woori seeks IDR 1.43 trillion via rights issue of 1.99 billion shares

09 September 2021 10:19

JAKARTA. PT Bank Woori Saudara Tbk (SDRA) would collect fresh funds of a maximum IDR 1.43 trillion by issuing 1.99 billion new shares along with preemptive rights, also known as a rights issue.

In the prospectus received by idnfinancials.com, each new share is worth IDR 100 and would be offered for IDR 719 each. For every 100 thousand old shares, the shareholder would gain 30.198 preemptive rights eligible for purchasing one new share.

Woori Bank Korea, which controls 79.88% of SDRA’s shares, had announced its commitment to convert its entire rights into new shares during this corporate action. Moreover, Woori Bank would acquire all the unclaimed new shares left by the non-participating old shareholders.

This rights issue would invite all shareholders recorded in the Shareholders List by September 16, 2021. Then, the recording of new shares in the stock exchange would take place on September 20, 2021.

As previously mentioned in idnfinancials.com last July, SDRA would utilise 50% of the rights issue proceeds to improve its working capital. Another 40% would be spent on paying a portion of bank debt principal, while the rest of the raised funds would be used to enhance investment in the information technology sector. (KR/ZH)

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