Jakarta, CNBC Indonesia –The share price of PT Bank Allo Indonesia Tbk (BBHI), formerly known as Bank Harda Internasional, owned by national entrepreneur Chairul Tanjung, opened at Rp 1,735/share at the start of trading this Friday (9/7).
After that, the Indonesia Stock Exchange (IDX) trading data recorded BBHI’s shares later shot to its daily highest level aka ARA (top auto reject, 25% increase per day) which is 24.50% to a price level of Rp 2160/share.
But later, why the price is IDR 2160?
Market participants had time to ask, what is this? Because the closing price of BBHI on Thursday was still at the level of Rp 4,670/share.
It turned out that there was no need to panic, the decline in BBHI’s share price was not due to a correction but because of the theoretical share price in the context of issuing new shares with Pre-emptive Rights (HMETD) aka rights issue.
According to the prospectus, today is the Ex-Date tanggal rights issue BBHI.
How data is the date indicating that up to that date the trading of a share still contains or has dividend rights.
While ex date is a date indicating that the trading of shares carried out on that day no longer contains rights for the shareholders.
The theoretical share price is the price applied by the stock exchange as a guide to bargaining for shares at the start of the first trading on the regular market after the issuance of new shares.
The theoretical price is the adjustment price between the market price and the rights issue redemption price.
This is the exchange mechanism so that post-rights issue so that the issuer’s market capitalization does not spike suddenly, especially when rights issue This is done in issuing a large number of shares with a redemption price below the market price such as BBHI, this is because the market capitalization of a company is influenced by the share price and then multiplied by the number of shares.
Theoretically, investors will not lose money because the stock price drops suddenly. This is because later investors will get rights shares (BBHI-R) where each holder of 125 BBHI holdings as of July 8 yesterday will get 224 rights issue. The investor can redeem 1 BBHI share at a price of Rp 100/share.
The Cum Date RI BBHI is listed on the regular market on July 8, the regular Ex Date on July 9, while the rights issue can later be held on the cash market from July 14 to July 21.
Today, after the determination of the theoretical price of Indonesia, BBHI opened to its highest daily level, aka ARA 24.50% to a price level of Rp. 2,160/share with a transaction value of Rp. 1.4 billion.
Previously, the regulator had also released an announcement regarding the theoretical price of BBHI shares, which according to the calculation of the stock exchange, the theoretical price of BBHI was at Rp. 1,736,819 and was rounded down to Rp. 1,735/unit.
Photo: BBHI data BEI
Hello, Bank Indonesia is indeed holding a limited public offering (PUT) II in the context of a rights issue.
Based on the prospectus, the company will issue 7,498,501,776 ordinary shares or 64.18% of the company’s issued and fully paid capital after the PUT II with a nominal value of Rp 100 per share with an exercise price of Rp 100.
Thus, the amount of funds that will be received by Bank Harda in this PMHMETD is Rp. 749,850,177,600 or almost Rp. 750 billion.
This Rights is traded on the IDX and is held for 5 working days from July 14, 2021 to July 21, 2021.
In accordance with the statement on May 11, 2021, PT Mega Corpora as the shareholder with 90.00% ownership will take part of all the Preemptive Rights to which it is entitled.
If the shares offered in the Rights Issue II are not entirely subscribed to by the Preemptive Rights holders, the remainder will be allocated to other shareholders who subscribed for more than their rights.
The date of the Register of Shareholders (DPS) entitled to Pre-emptive Rights is July 12, 2021, the date of cum Rights in the Regular Market and Negotiated Market is July 8 and the date of ex Pre-emptive Rights in the Regular Market and Negotiated Market is July 9.
Next is the date of cum Preemptive Rights in the Cash Market on July 12, the date of ex Pre-emptive Rights in the Cash Market on July 13, the date of distribution of Preemptive Rights on July 13, and the date of listing securities on the Stock Exchange on July 14.
The Preemptive Rights trading period is July 14 to July 21, the exercise period is July 14, the securities delivery period is July 16 to July 23, the end date for payment of additional securities orders is July 23, the Allotment date is July 26, and the date for refund of excess orders is July 27.
CNBC INDONESIA RESEARCH TEAM