JAKARTA. The shareholders of PT Bank Bumi Artha Tbk (BNBA) had agreed to raise its capital by issuing 750 million new shares alongside preemptive rights, also known as a rights issue.
During the Extraordinary General Shareholders Meeting held on Monday (25/10), 99.99% of the shareholders stated their approval upon the rights issue plan. Next, the execution price would be discussed further by the company’s board of directors.
Based on idnfinancials.com data, the total shares to be released by BNBA would equal 32.47% of its entire issued and paid-up capital. Furthermore, each of the new shares would have a face value of IDR 100 per unit.
BNBA would then utilise the proceeds gained from this corporate action to enhance its working capital. This rights issue is also an effort to raise BNBA’s minimum core capital to meet the requirement set by the regulator.
During the closing of today’s first trading session, BNBA’s stock price was seen weakening 6.77% or 110 bps to IDR 1,515 per share. Thus, assuming that it would use this price as the reference price for the rights issue, BNBA could at least secure fresh funds of up to IDR 1.34 trillion. (KR/ZH)