Bank Bukopin seeks IDR 7.04 trillion via rights issue
JAKARTA – PT Bank KB Bukopin Tbk (BBKP) aims to secure more fresh funds of IDR 7.04 trillion by issuing 35,214,288,984 Series B shares of IDR 200 each. This corporate action was set to take place two weeks from now (22-26/11).
In the information disclosure quoted today (9/11), the shares to be released would be taken out of its portfolio, which would then be listed on Indonesia Stock Exchange (IDX). For every 200 million old shares, the listed investors would be eligible for acquiring 215,554,239 Series B shares by paying IDR 200 for each unit.
Kookmin Bank Co Ltd, the ultimate shareholder of Bank Bukopin, would exercise its rights, amounting to IDR 4.71 trillion in value or 23,593,682,494 shares. Additionally, Kookmin Bank had been listed as the standby buyer, securing the unclaimed rights by other shareholders of IDR 700 billion in total.
The management plans to use 16% of the rights issue proceeds to develop the information technology in the next five years. Then, it would allocate another 84% to boost credit expansion in the Small and Medium Enterprises (SMEs) and promote the Indonesia-Korea business link. (LK/ZH)