Rights Issue Rp 4.8 T, Get Ready for New Investors Allo Bank!

Jakarta, CNBC Indonesia – The share price of PT Allo Bank Indonesia Tbk (BBHI), a bank controlled by national entrepreneur Chairul Tanjung through PT Mega Corpora, continues to soar in line with the sentiment of corporate action that will soon be carried out.

Based on IDX data, BBHI’s share price on trading last Tuesday (19/10) closed up 5.23 percent at Rp 4,830/share with a transaction value of Rp 37.19 billion and a trading volume of 8 million shares.

In trading last Wednesday (20/10) the stock market was closed to commemorate the Birthday of the Prophet Muhammad for Muslims.

Meanwhile, in the past week BBHI’s stock trading rose 15%, a month also rose 38%, and year to date skyrocketed 2.135%. In the last year BBHI’s shares soared 4.151% with a market capitalization of Rp 56.43 trillion.

The latest sentiment for Allo Bank is the plan to Increase Capital with Pre-emptive Rights (PMHMETD) III or a rights issue that will be held soon.

There will even be several strategic investors who are ready to enter to absorb as much as 29.13% of the new shares to be issued by the company.

Based on the prospectus published on the company’s official website, Allo Bank has set the price for the rights issue.

Allo Bank will issue 10,047,322,871 (10.04 billion) ordinary shares or 46.24% of the company’s issued and fully paid capital after PMHMETD III with a nominal value of Rp100.

The exercise price is set at Rp 478/share so that the total funds to be received in PMHMETD III are Rp 4,802,620,332,338 (Rp 4.8 trillion).

The number of shares is still in accordance with the results of the Extraordinary General Meeting of Shareholders (EGMS) held last Friday (15/10) where the shareholders approved the issuance of new shares of up to 11 billion new shares.

Based on a statement letter dated October 19, 2021, PT Mega Corpora as the company’s main shareholder with 90% ownership has stated that it will only take part and exercise part of the Preemptive Rights to which it is entitled as many as 2,712,777,020 (2.71 billion shares) or around 30% of all Rights to which they are entitled.

Meanwhile, the remaining shares of Mega Corpora will be transferred to several strategic investors in order to fulfill the provisions of Article 21 of the Financial Services Authority Regulation No.9/POJK.04/2018 concerning the Takeover of Public Companies.

However, it has not been disclosed in detail who the potential strategic investors will be as shareholders of the former Bank Harda bank.

Photo: Investor rights issue of Allo Bank Indonesia, prospectus 20 October 2021
Investor rights issue Allo Bank Indonesia, prospectus 20 October 2021

BBHI’s management stated that if all of the new shares offered in PMHMETD III after the implementation of some of the Preemptive Rights from Mega Corpora were not entirely taken by the other company shareholders or the holders of proof of Rights, the remainder will be allocated to other shareholders who place orders for more than their rights. proportionally based on the rights that have been exercised.

“If after the allocation of additional share subscriptions, there are still remaining shares in this PMHMETD III, then these shares will not be removed from the portfolio,” wrote BBHI management.

In relation to the shareholder structure, there are two schemes, first, assuming that all shareholders and strategic investors who get the HMETD transfer from Mega Corpora exercise their rights to buy new shares, then Mega Corpora’s share portion from 90% to 60.87% (equivalent to 13,227,416,631 shares).

Meanwhile, Ali Gunawan (commissioner) ownership from 0.04% remained to 0.04% and the public remained from 9.96% to 9.96%, as well as strategy investors the share became 29.13% (equivalent to 6,329,813,046 shares). ).

Second, assuming only Mega Corpora and strategic investors get the transfer of Preemptive Rights from the main shareholder (Mega Corpora) exercising the Preemptive Rights, then Mega Corpora’s portion will be 65.49% (equivalent to 14,232,149,436 shares).

As for Ali Gunawan, the share is 0.02%, the public is diluted to 5.36% and strategic investors hold 29.13%.

Management stated that the funds obtained from the 3rd rights issue, after deducting issuance costs, will be used to strengthen the capital structure in order to increase the company’s core capital to become KBMI (core capital bank group) which is included in the KBMI 2 group as referred to in paragraph (1). POJK 12/2021.

KBMI 2 is a bank category from the OJK for banks with a core capital of more than Rp 6 trillion to Rp 14 trillion.

“Furthermore, the funds will be used for business development, including developing business activities in the field of credit with technological innovation or known as digital banking,” wrote BBHI management.

“In accordance with POJK No.30/2015, the total costs incurred by the company in connection with PMHMETD III are estimated to be around 0.07% of the total funds obtained from PMHMETD III.”

Management also revealed the temporary schedule of this rights issue. The effective date of the statement from the OJK is December 6, the last date for trading shares with Pre-emptive Rights (Cum-Rights) in the regular market December 14 and the cash market December 16.

The start date for trading shares without Pre-emptive Rights (Ex-Rights) in the regular market is 15 December and the cash market is 17 December, while the Recording Date for obtaining Pre-emptive Rights is 16 December and the distribution date for Pre-emptive Rights is 17 December, as well as the securities listing date on the IDX is 20 December future.

Currently, Allo Bank has obtained a digital banking service permit from the OJK. The product in question is a digital bank service as well as a company-owned digital onboarding application.

[Gambas:Video CNBC]

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