JAKARTA (TheInsiderStories) – PT Bank Muamalat Indonesia Tbk released 32.96 billion series B shares with an exercise price Rp115 a share, the management said on Tuesday (12/12). Assuming with the nominal price, the lender is estimating to obtain funds around Rp3.79 trillion (US$270.74 million) from the corporate action.
Reportedly, three companies, namely Lynx Asia Partner, Al Falah Investment Pte. Ltd., owned by the chairman Ilham Habibie, and local firm PT Kospin Jasa acted as standby buyer for the rights issue. The company still await the Financial Service Agency approval to do the program.
Lynx Asia, an investment company from Singapore had facilitated foreign investors to the sharia bank. In Lynx Asia, the managing partner is Rizal Risjad, son of Ibrahim Risjad who is infamous in Soeharto Era with Liem Sioe Liong, Sudwikatmono, and Djuhar Sutanto. Rizal Risjad is also founder of PT Armadian Tritunggal and co-founder of PT Berau Coal Energy Tbk (IDX: BRAU).
But, Bank Muamalat has time to run the planned within 12 months after the shareholders meeting. The general meeting of shareholders will be held on December 16, 2019.
The management said, funds from the right issue will be used to add tier-1 capital. As per June 2019, the company’ capital adequacy ratio (CAR) was 12.01 percent and tier-1 capital was Rp3.55 trillion.
The lender assured, the right issue will not change the ownership structure of the company if the all the shareholders joint the program. Islamic Development Bank (IDB) will still hold 32.74 percent of the bank shares, but the number of shares rise from 14.13 billion from 10.79 billion shares before the rights issue.
Other shareholders, Boubyan Bank will own 9.49 billion shares or equivalent to 22 percent share ownership. Then, Atwil Holding Ltd., will have 7.7 billion shares or 17.91 percent of total shares, National Bank of Kuwait of 8.45 percent with 3.64 billion shares.
In addition, IDF Investment Foundation will hold 1.5 billion shares equivalent to 3.48 percent ownership, BMF Holding Limited valued at 1.22 billion shares at 2.84 percent and public shares rose to 5.42 billion shares or equivalent to 12.58 percent.
But, management stressed that if the Bank Muamalat‘ shareholders did not take away their rights in the rights issue, then the ownership would be diluted.
The rights issue plan has been delayed three times from the plan. Initially, the schedule for implementing the original rights issue was in mid-July 2019. The plan was withdrawn because there were some administrative requirements that had to be completed first.
As of June 2019, Bank Muamalat recorded CAR of 12.01 percent, decreased from the previous year of 15.92 percent. While the total core capital of Bank Muamalat as of June 2019 was Rp3.55 trillion, down from Rp3.82 trillion a year earlier.
The decline of Bank Muamalat’ CAR was due to the increasing of non performing financing of 5.41 percent on June 2019. It increased from last June 2018 which was only 1.65 percent.
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