JAKARTA (TheInsiderStories) - Indonesian lender, PT Bank Panin Dubai Syariah Tbk (IDX: PNBS) plans to hold its second limited public offering by issuing 14.85 billion common shares or 38.27 percent of the issued and fully paid-up capital. The issuer expects to raises at least Rp1.50 trillion (US$102.02 million).
All proceeds, said the management last week, will be used to strengthen the its capital structure. The issuer said, every 100 shareholder is entitled to 62 shares and every one rights convert to one new share.
The main shareholders, PT Bank Pan Indonesia Tbk (IDX: PNBN), acted as the standby buyer for the rights issue. While, Dubai Islamic Bank PJSC, which is also the main shareholder of the company only exercise 577. 22 million shares.
Earlier, president director of PaninBank , Herwidayatmo, said the company will increase Bank Panin Dubai Syariah’ capital to Rp3 trillion before 2022. He stated, “We will inject around Rp1.5 trillion. We hope it will be effective this month.”
Currently, Financial Service Agency has a plan to relax the single presence policy rule. The single ownership rule referred to stipulates that controlling shareholder is only allowed to have one bank. If the controlling shareholder has another bank, it must conduct a business consolidation.
The authority wants to encourage banking consolidation through the relaxation of the rule. As is known, the agency wants the number of banks in the country is more streamlined than at present. In the policy relaxation, the authority would allow a party to have more than one bank. However, the second bank must be classified as a small bank or core capital of less than Rp5 trillion.
In the first semester of 2020, total assets of the Islamic bank worth of Rp10.60 trillion, up 11.96 percent on an annual basis. This was mainly supported by financing which grew by 13.85 percent and third party funds up by 2.17 percent from a year ago.
US$1: Rp14,700
Written by Staff Editor, Email: theinsiderstories@gmail.com
