JAKARTA. PT Bank Victoria International Tbk (BVIC) will host a Limited Public Offering for its shareholders, involving 7.04 billion new shares to be issued along with preemptive rights, also known as a rights issue.
Each new share will be taken out of its portfolio and be recorded on Indonesia Stock Exchange (IDX). The face value of these shares is IDR 100 each.
BVIC has scheduled a General Shareholders Meeting to secure approval of the investors on June 3, 2022, as stated in the official statement from the management in the information disclosure. After gaining approval, this corporate action will be carried out within the next 12 months.
This capital raise is initiated by BVIC with a purpose to solidify its capital structure. The company plans to utilise the money generated from this corporate action to expand business and enhance credit channeling.
It is worth noting that the upcoming issued shares of BVIC is equivalent to 67.15% of total shares outstanding. Thus, original investors’ portions have possibility to be diluted by over 50% should they refuse to participate in this rights issue of BVIC. (KR/ZH)