BIS raises $ 6.73 billion in Southeast Asia’s “biggest” rights problem – Business

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Fransiska Nangoy (Reuters)

Jakarta, Indonesia ●
Wed, September 29, 2021

2021-09-29
11:56
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Business
Bri, bank, bank, finance
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State lender PT Bank Rakyat Indonesia (BIS) raised 96 trillion rupees ($ 6.73 billion) in a rights issue this month, the largest such deal in South Asia -Is, according to the director of the chairman of the Indonesian Stock Exchange, Inarno Djajadi.

The rights issue is part of the government’s plan to create a state-owned micro-lender holding company with the BIS at the helm.

The bank has sold around 28 billion shares through the rights issue, Inarno said in a virtual briefing on Wednesday.

As part of the deal, the government transferred Rs.54.7 trillion in shares of two state finance companies, the pawnbroker chain Pegadaian and the Permodalan Nasional Madani (PNM) microcredit company, to the BRI.

Read also: The holding of micro-lenders hopes to boost financial inclusion

“We want to provide funding to as many people as possible with as low a proximity as possible, this is the point of the synergy between BRI, Pegadaian and PNM,” BRI General Manager Sunarno said at the same briefing.

The remaining proceeds, in cash, will be used as working capital for BRI to develop ecosystems for the newly formed holding company, the company said.

According to a disclosure from BIS, after the rights issue, the company will have total assets of Rp 1.515 trillion and total loan distribution of Rp 997 trillion, compared to Rp 1.411 trillion in assets and 914 trillion Rp in loans before the transaction.


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