JAKARTA. PT Bank Victoria International Tbk (BVIC) once again plans a capital increase with pre-emptive rights, also known as a rights issue, of 4.95 billion shares.
The upcoming shares issued in said corporate action are equal to 27.54% of the full issued and paid-up capital after the rights issue. Each share has a face value of IDR 100, and will be offered publicly for an exercised price that ranges between IDR 130 and IDR 155 per share.
With this price range, BVIC will at least collect IDR 644.2 billion of fresh funds or IDR 768.09 billion at most once the rights issue is concluded.
BVIC is yet to set the rights issue ratio. However, the recording date has been scheduled on December 15, 2022, followed by the electronic distribution of new shares the next day on December 16, 2022. The listing of those new shares on Indonesia Stock Exchange will take place on December 19, 2022.
Until now, PT Victoria Investama (VICO), as the controlling shareholder of BVIC, has declared its commitment to exercise the entire or a portion of its rights to claim new shares. VICO has even deposited IDR 220.3 billion to a special account that will be used to take over those forthcoming new shares issued by BVIC.
For context, this corporate action is an effort exerted by BVIC to abide by the Financial Services Authority Regulations (POJK) No.12/POJK.03/2020 regarding the Consolidation of Conventional Banks. Based on these regulations, the banks are mandated to fulfil the minimum core capital requirement of IDR 3 trillion. (KR/ZH)