Jakarta, CNBC Indonesia – The Composite Stock Price Index (JCI) closed down 0.37% corrected to 6,012.05 after it opened green on Thursday afternoon (24/6/2021).
Indonesia Stock Exchange (IDX) trading data noted, amid the JCI correction there are two shares of BUKU II banks (banks with core capital below Rp 5 trillion) that have gone up fast.
The two shares are PT Bank Harda Internasional Tbk (BBHI) which has changed its name to PT Allo Bank Indonesia, this bank has just been acquired by Mega Corpora and controlled by entrepreneur Chairul Tanjung (CT).
One other bank is PT Bank Ina Perdana Tbk (BINA) which is controlled by Indofood boss Anthony Salim.
It was recorded that BBHI managed to accelerate to the Upper Auto Reject level (ARA, the highest increase of 25% in a day) where BBHI shot up with an increase of 25% to the price level of Rp. 3,250/unit.
Meanwhile, BINA shares also managed to shoot up 7.22% to a price level of Rp 5,275/unit.
This increase causes BBHI to be at the highest level of all time aka all time high.
Besides going fast, the transaction value of the two shares was also quite busy, where BBHI was traded for IDR 123 billion and BINA was traded for IDR 36 billion.
The increase in the two shares cannot be separated from the two tycoons who are ready to inject funds into the two issuers through the mechanism rights issue alias Capital Increase with Pre-emptive Rights (PMHMETD).
It is noted that BBHI plans to issue a maximum of 7,498,501,696 new shares or 179.20% of the company’s issued and fully paid capital with a nominal value of Rp 100/share at the same redemption price.
PT Mega Corpora as the controlling shareholder with 73.71% ownership will take part of the entire Preemptive Rights which is its right and is ready to become a standby buyer in this Preemptive Rights corporate action.
The last recorded date for trading shares with Preemptive Rights in the regular market is July 8, 2021, while the trading and exercise period for Preemptive Rights starts from July 14 to July 21, 2021 with allotment of new shares no later than July 26 2021.
Furthermore, the direction of BBHI’s digitalization business has also been opened directly by the owner, Chairul Tanjung in an interview with Japanese media, Nikkei.
The mini bank will be transformed into a CT Corp digital bank.
Currently, the permit to become a digital bank is being prepared and will be submitted to the authorities at the end of June.
CT hopes to get approval in two to three months.
The digital banking application will also double function as a super apps where consumers can make purchases in the CT Corp ecosystem.
When asked about competition with other technology start-ups that have already become super apps, CT remains optimistic that its ecosystem is still competitive.
“Their business model is burning money to get customers. Customers are not loyal. If other people burn money, they will move,” CT said as quoted by Nikkei Asia.
This is different from the CT business ecosystem which has established and have loyal customers.
Coupled with approach big data analytics which can be integrated through various business units CT believes there is no need to ‘burn money’ because it is also based on consumer needs.
Meanwhile, BINA also plans to carry out a similar corporate action in which BINA will release a maximum of 2 billion new shares with a nominal value of Rp 100 per share.
With the approval of this rights issue, Anthony Salim, as ultimate shareholder opportunity to increase its share ownership in Bank Ina.
CNBC INDONESIA RESEARCH TEAM