JAKARTA. PT Bank Raya Indonesia Tbk (AGRO), a subsidiary of PT Bank Rakyat Indonesia (Persero) Tbk (BBRI), is preparing to issue 2.32 billion shares with pre-emptive rights, also known as a rights issue.
Each upcoming share will have a face value of IDR 100, and they will be offered for IDR 500 each. With this price, AGRO will potentially secure fresh funds of up to IDR 1.16 trillion at the end of this corporate action.
In this rights issue, BBRI, as the controlling shareholder, has declared its commitment to exercise its entire rights over AGRO’s new shares. Meanwhile, those original shareholders who choose not to take part and acquire new shares in this rights issue will have their portions diluted by 9.26%.
The entire proceeds of this rights issue will be utilised by AGRO to enhance its capital structure. This corporate action plan is meant to be a part of the company’s attempt to raise its core capital to a minimum IDR 3 trillion, complying with the regulations set by the Financial Services Authority (OJK).
The recording date for acquiring these pre-emptive rights of AGRO is set to December 12, 2022, while the distribution will follow the next day, on December 13, 2022. Lastly, the listing of new shares on Indonesia Stock Exchange (IDX) will take place on December 14, 2022. (KR/ZH)