Mar 8, 2011

Bank Victoria & non-preemptive rights

PT Bank Victoria International Tbk plans to issue non-preemptive rights as much as 414.58 million shares or 10% of the total fully paid shares at Rp141 per shares.
During an information disclosure published today, after such shares issuance, Bank Victoria shall derive Rp58.46 billion proceed.
The dilution effect over such shares additional reaches 9.09%. According to the plan, the company shall ask for the approval of the shareholders during the extraordinary meeting of shareholders on 23 March.
During such the non-preemptive rights, Bank Victoria will utilize the proceed to strengthen the capital structure. The number of Bank Victoria’s existing shares will also increase, boosting the liquidity of shares trading.
Referring to the company’s performance as per September 2010, after this particular rights issue is realized, the capital adequacy ratio of Bank Victory shall rise from 15.64% to 17.02%.
The total asset will soar as well by 0.64% or Rp58.64 billion to IDR9.23 trillion while the total equity also augment by 6.30% to Rp986.26 billion.

Disclosure: No position at the stock mentioned above.  

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