JAKARTA (TheInsiderStories) – Financial company, PT Sinar Mas Multiartha Tbk (IDX: SMMA) will become the shareholders of PT Bank of CCB Indonesia Tbk (IDX: MCOR), said the company today (10/17). No further details, the percentage number will acquire by the unit of Sinar Mas Group.
Currently, China Construction Bank Corp., hold 60 percent of the bank’ shares, Johnny Wiraatmadja 21.32 percent, Kiki Hadimaja 5.21 percent, and public 13.47 percent. Based on prospectus data, the lender planned to release 32 billion new shares or 65.8 percent of the total outstanding shares.
If the shareholders do not exercise all their rights, Sinar Mas Multiartha will own 8.86 percent of MCOR’ shares and public ownership will be deluted 4.61 percent. While the ownership of other shareholders has not changed.
The bank targeting the effective date is expected to be obtained on Nov. 27 and listing on the Indonesia Stock Exchange on Dec. 11. Funds from the rights issue will be used to strengthen the company’ capital structure. Bank CCB Indonesia plans to upgrade to BOOK III with a core capital of more than Rp5 trillion (US$354.61 million).
The spokesman, Andreas Basuki said, the bank targets to obtain Rp3.2 trillion from the rights issue. The additional funding is expected to support the company to become BOOK III because the company’s core capital is only Rp2.1 trillion.
Previously, Bank CCB Indonesia issued subordinated debt worth of $50 million to strengthen the company’ capital. The sub debt amount is 29.28 percent of the total equity of the company as of August 31, 2018. The Sub debt will be purchased by CCB, as the majority shareholder.
In issuing the sub debt, CCB Trustee Co. Ltd., acted as a custodian and service agent for fiscal and paying agents. CCB Trustee is owned by China Construction Bank (Asia), which is controlled by CCB Corporation.
Bank CCB Indonesia is the result of a merger between PT Bank Windu Kentjana International Tbk and PT Bank Antardaerah on November 30, 2016. To date, the lender has 95 offices spread across cities in Indonesia such as Jakarta, Bandung, Semarang, Yogyakarta, Surabaya, Denpasar Bali, Mataram Lombok, Palembang, Bandar Lampung, Batam, Pekanbaru , Pontianak, Makassar and Pangkal Pinang.
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