PT Bank Rakyat Indonesia Tbk (IDX: BBRI) teams up with PT Satkomindo Mediyasa, a subsidiary of Pension fund of the lender to launch second BRIsat satellite - Photo by the Bank

Jakarta (TheInsiderStories)PT Bank Rakyat Indonesia Tbk (IDX: BBRI) teams up with PT Satkomindo Mediyasa, a subsidiary of Pension fund of the lender to launch second BRIsat satellite, said the official yesterday (08/22). The new satellite is estimating need costs around Rp3 trillion (US$211.27 million).

BRIsat is a name for satellite owned by the largest micro lender in the country, created by the Space System (Loral) and was launched at the Arianespace launch center in 2016. Currently the satellite use by the bank and government institutions.

According to its director, Indra Utoyo, the network infrastructure solution provider has invited investors to joined the satellite projects. Currently, he adds, 15 telecommunication operators has registered and in is due diligence process.

Utoyo explained by leasing the new satellite to Satkomindo, the company will spend lower costs than launching the new satellite by the bank itself. The new satellite is expected to be launched in 2023.

Bank Agroniaga

While, other Bank Rakyat Indonesia unit, PT Bank BRI Agroniaga Tbk (IDX: AGRO) will conduct rights issue by releasing three billion new shares or equivalent to 12.32 percent of the paid-up capital in September 2019. Its expecting the bank will raise proceeds Rp700 billion from the rights issue planned.

President Director BRI Agro Agus Noorsanto said on Thursday, that with the funds, the company will be able to move to BOOK III with capital Rp5.2 trillion. At present, the small lender’ core capital is around Rp4.5 trillion.

In this rights issue, its parent company will not exercise its rights. Therefore, the share ownership of the one largest bank in the archipelago in BRI Agro will be diluted from 87.10 percent to to 76.35 percent .

“Our parent will not exercise the right with the goal to enlarge the public’ portion to 20 percent from the current portion in 6.5 percent,” said the president director.

However, Nursanto has not yet announced the implementation price. But he give an indication the offering of the right issue will take place on Sept. 10 – 17.

BRI Agro has announced to allocated Rp1 trillion via rights issue to acquire two small banks as part of the lender strategy to accelerate its growth. The bank itself will continue to focus on agribusiness sector as it expects its network and customer base to expand following the acquisition.

US$1: Rp14,200

Written by Staff Editor, Email: theinsiderstories@gmail.com