JAKARTA. PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk (BJBR) or Bank BJB will raise its capital through a rights issue, aiming to gain fresh funds of IDR 924.9 billion in total. The money will then be used to strengthen its capital structure and expand credits.
Based on the short prospectus issued by the company on Indonesia Stock Exchange (IDX) yesterday (23/2), BJBR will offer 682.65 million series B shares of IDR 250 each in this upcoming rights issue. Meanwhile, the execution price is set to IDR 1,355 per share. Thus, Bank BJB targets to collect total funds of IDR 924.9 billion.
In the prospectus, it was also mentioned that the entire proceeds, after deducting the emission fees, would be spent on improving its capital structure to expand the credits of the company.
The rights issue is scheduled for March 2022. The cum rights date fell on March 2, 2022, for the regular and negotiation market, and March 7, 2022, for the cash market. Meanwhile, the ex-rights will take place on March 4, 2022, in the regular and negotiation market, and March 8, 2022, in the cash market. Lastly, the preemptive rights will be offered from March 9 to 16, 2022.
As the ultimate shareholder, the West Java provincial government, which claims 3.75 billion shares, is eligible to receive 260,63 million new shares. The regional government also declared its commitment to exercising all its preemptive rights according to its portion of shares. (AM/ZH)