Aiming to meet core capital requirement, Bank JTrust to launch a rights issue
JAKARTA – PT Bank JTrust Indonesia Tbk (BCIC) would issue 4,545,504,522 Series C shares via a rights issue on November 5 to 11, 2021. With an execution price of IDR 330 per share, BCIC would collect funds of IDR 1.5 trillion at most.
Quoting the prospectus released today (15/10), the proceeds of this rights issue would be used to fulfil the minimum core capital requirement by converting deposits from its subsidiaries’ credits.
J Trust Co Ltd, Japan, along with its group affiliate, J Trust Asia Pte Ltd, Singapore, would exercise its rights with compensating equity and converting charging rights of the subsidiaries’ loans of IDR 1.36 trillion. Other shareholders who refused to participate in this action would have their portion diluted by 29.19%.
As of August 2021, BCIC’s shares amounted to 10,012,124,501 units, 86.685% of which belong to J Trust Co Ltd. Then, public investors claim another 7.644%, J Trust Asia Pte Ltd 4.671%, and JTrust Investments 1%.
BCIC’s authorised capital is IDR 20 trillion, while its issued and paid-up capital equals IDR 12.22 trillion. It comprises Series A, B, and C shares. Lastly, its stock in portfolio reaches IDR 7.77 trillion, consisting of three series as well. (LK/ZH)