After the Board of Directors reshuffle, Bank KB Bukopin’s shares are even subject to ARB

Jakarta, CNBC Indonesia – Bank issuer shares held by Kookmin Bank, PT Bank KB Bukopin Tbk (BBKP) slumped to touch the lower auto rejection limit (ARB) of 7% in the first session of trading today, Tuesday (23/11/2021), continuing its decline for the last 3 days.

The weakening of BBKP’s shares occurred as the company reshuffled the company’s management at the Extraordinary General Meeting of Shareholders (EGMS) last week. The management reshuffle was carried out after three company commissioners and one director resigned from their positions.

In addition, the decline in BBKP’s shares also occurred after the company announced the theoretical price of BBKP’s shares in order to increase capital through pre-emptive rights (HMETD) or rights issue of Rp 310/share on Wednesday last week (17/11).

According to data from the Indonesia Stock Exchange (IDX), at 10:41 WIB, BBKP’s share price fell 6.88% to Rp 298/share, with a transaction value of Rp 15.44 billion and a trading volume of 51.93 million shares.

Actually, before weakening for 4 consecutive days, BBKP shares had shot up for 4 consecutive days, namely on November 12-17, 2021.

However, in a week this stock fell 3.87% and in a month fell 5.55%.

BBKP’s stock market capitalization value was recorded at Rp 9.57 trillion this afternoon.

As previously reported, the company’s EGMS last Friday (19/11) discussed one agenda, namely a reshuffle of the management after three company commissioners and one director resigned from their positions.

The four people who resigned were Bo Youl Oh as the main commissioner, Susiwijono as the company’s commissioner, Sapto Amal Damandari also resigned from the position of vice president commissioner. Meanwhile, the company’s director, Hari Wurianto also resigned from his position.

In his stead, the meeting approved the appointment of Jerry Marmen as chief commissioner to replace Bo Youl Oh. Nam Hoon Cho was lined up as deputy chief commissioner to replace Sapto Amal Damandari.

In addition, this meeting also appointed Sukriansyah S. Latief and Eugene K. Galbraith as independent commissioners. Meanwhile, Henry Sawali was appointed as director of the company replacing Hari Wurianto.

Director of KB Bukopin, Chang Su Choi said that today’s meeting decision is effective after passing the fit and proper test from the Financial Services Authority (OJK) as the regulator.

“The resignation of several administrators is a mutually agreed decision. Currently the company’s focus remains consistent on being a major player in the banking business in Indonesia. We believe that the current management structure can further strengthen the Company’s performance going forward,” said Choi, Friday ( 19/11/2021), in a press statement.

Choi added that changes in management are commonplace in the company’s organizational structure. The corporate action is an effort taken by the company to maintain customer trust.

Meanwhile, regarding the resignation of Hari Wurianto as director of the company, said Choi, because Hari will take on the new task of leading Bank KB Bukopin Syariah.

Want Rights Issue, BBKP Sets Theoretical Price

Previously, referring to the announcement made by the Head of IDX’s Trading Operational and Regulatory Division, Irvan Susandy and the Head of Company Valuation Division I, Adi Pratomo, Bank KB Bukopin’s rights issue ratio was 200,000,000:215,554,239 for shares.

Later, each holder of 200,000,000 old BBKP shares has 215,554,239 HMETD to buy 215,554,239 new shares at an exercise price of Rp200,- per share.

BBKP’s share price at the end of Cum on the Regular Market on November 16, 2021 was recorded at a price of IDR 430.

The theoretical price of BBKP shares listed in JATS for the regular market and the negotiated market on November 17, 2021 is adjusted by the price fraction to Rp 310.

As is known, Bank KB Bukopin will soon realize the Sixth Limited Public Offering (PUT VI) for the issuance of new shares via rights issue. Bank Bukopin has also received an effective statement from the Financial Services Authority (OJK) on Monday (8/11/2021) regarding this rights issue corporate action.

Upon implementation of PUT VI, Bukopin will issue new class B shares of 35,214,288,984 shares to shareholders. HMETD will be distributed to the registered shareholders of the Company on November 18, 2021.

Furthermore, KB Kookmin Bank as the main shareholder of the Company stated that it would exercise all of its rights to purchase the new shares offered in this PUT VI, with a total amount of Rp 4.72 trillion or 23,593,682,494 shares.

CNBC INDONESIA RESEARCH TEAM

[Gambas:Video CNBC]

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