JAKARTA (TheInsiderStories) – PT Bank Muamalat Indonesia Tbk (BMI), the first Indonesia’s Islamic bank will conduct rights issue to strenghtened its capital, said the top level management on Wednesday (03/10). The number of shares to be issued as much as 20 billion new shares and hope to collect around Rp2 trillion (US$137.93 million).
The President Commissioner Ilham Habibie explained that he would lead an investor consortium consisting him, Panigoro family, Singapore’s Lynx Asia and SSG Capital. The process of rights issue approval to be held on Oct. 11.
He said, first the new shares of BMI will be offered to the old shareholders and the rest will be taken by the standby buyer, at this point is the consortium. Habibie stated, “If all shareholders do not exercise their rights, they will be diluted to more than 60 percent.”
President Director of Bank Muamalat Ahmad Permana commenting, with the certainty would help strengthen the lender’s capital and the future business plans. The bank needs sufficient capital to expand its business.
Previously, Bank Muamalat were constrained by problem non-performing finance which had reached 4.95 percent, close to the limit set by the regulator at 5.00 percent.
He said, after the rights issue, the bank will maintain a Capital Adequacy Ratio remaining above 14 percent. As for Semester I 2018, the bank’s CAR was at 15.92 percent.
“We are optimistic that Bank Muamalat’s capital will be stronger and more stable, so that the company’s efforts to expand financing can run well,” said Permana.
Before the new consortium, last year PT Minna Padi Investama Sekuritas Tbk also offered to inject capital up to Rp4.5 trillion. However, the plan was not approved by Financial Service Agency because the company did not want to disclose the source of funds to be injected into the bank.
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