Bank Rakyat Indonesia plans to sell 23.25% stake in rights issue
15/06/2021 11:50
JAKARTA, June 15 (Reuters) - Indonesia's largest lender by
assets, PT Bank Rakyat Indonesia BBRI.JK said on Tuesday it
will seek shareholders approval next month to conduct a rights
issue that will enable the acquisition of two state firms.
BRI plans to sell a maximum 28.68 billion shares in the
rights sale, or 23.25% of its total equity, the company said in
a stock exchange filing.
The government, the controlling shareholder of BRI, will
participate in the rights issue by transferring its shares in
state pawnshop chain Pegadaian and micro-lending firm Permodalan
Nasional Madani (PNM) to BRI, the filing said.
BRI will hold a shareholder meeting on July 22 to seek
approval for the transaction.
Pricing of the shares for the rights sales was not yet
announced. Shares of BRI was traded at 4,230 rupiah each on
Tuesday.
Based on the companies financial positions as per March 31,
the combined entity would have a total asset of 1,515 trillion
rupiah ($106.54 billion) and a combined net income of 8 trillion
rupiah, the filing said.
That compared with BRI's total asset of 1,411 trillion
rupiah by the end of March and 7 trillion net income.
($1 = 14,220.0000 rupiah)
(Reporting by Fransiska Nangoy, Gayatri Suroyo, editing by
Louise Heavens)
((Fransiska.Nangoy@thomsonreuters.com;))