Nov 4, 2010

Bank Permata rights issue approved

The extraordinary shareholder meeting of PT Bank Permata Tbk approved the implementation of rights issue in the end of this year.
Through such rights issue, Bank Permata shall issue regular stock of B class as much as 1.29 million with Rp125 per share, making the fresh funds derived from such corporate action Rp1.61 trillion.
Every shareholder of Permata as per 15 November 2010 poses the preemptive rights issue where they may purchase one new share at Rp1,549 per share.
The shareholder should pay their obligation during the implementation of preemptive right issue.
President Director of Bank Permata, David Fletcher, said that such rights issue will enhance the company’s core capital and certainly in line with Bank Indonesia’s regulation. The fresh fund derived from such corporate action shall be used in credit disbursement in order to develop Permata’s business activity.
“Such rights issue shall foster Permata’s balance sheet even more as well as grant higher flexibility in capturing any growth opportunity in Indonesia’s banking system,” he said through the press release today.
Permata’s majority shareholders are PT Astra International Tbk and Standard Chartered Bank. These two shareholders have addressed their commitment to bid all the stocks during the rights issue certainly by utilizing their privilege as the main shareholders.
Nonetheless, these two majority shareholders shall also become the proportional standby buyer over the remaining stocks that are not booked during the preemptive rights issue certainly after calculating the excessive application in the rights issue.
The legal certificate of preemptive rights issue shall be available from 18 November 2010 until 24 November 2010 and the least deadline is 24 November 2010. After 24 November those ultimate right of shareholder will no longer exist.
Apart from that, the extraordinary shareholder meeting also approved the proposed resolution that required a change on Permata’s basic budget.
The shareholders agreed to raise such basic budget from Rp2.6 trillion to Rp5,6 trillion after the right issue.
The entire process of this rights issue shall be completed by November 2010.

Disclosure: No position at the stock mentioned above.  

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