PT Bank Mega Tbk, controlled by Para Group, is keen to distribute bonus shares amounting to a maximum of Rp1.60 trillion on June 23 with a ratio of 25:4.
In an information disclosure filed today by Bank Mega to Indonesia Stock Exchange (IDX), the distribution of bonus shares is derived from partially retained earnings which have not yet allocated, in attempt to increase the outstanding shares of Bank Mega in the market.
"Bonus shares are expected to increase Bank Mega's free float as well we trading liquidity, considering most of the shares are owned by institutional investors as their own portfolio investments," said Bank Mega’s management in the disclosure.
Bank Mega is currently 57.82% controlled by PT Mega Corpora and the remaining is owned by public investors. Para Group is owned by Chairul which also serving as President Commissioner.
Indonesian market watchdog regulation (Bapepam-LK) No. IX.D.5 on Bonus Shares said that the bonus shares are proportionally distributed to all shareholders of the company, based on the number of shares that they owned.
The number of Bank Mega shareholders at end of March 31, 2011 reached 648 investors, consisting of Indonesian legal entities by 30, 17 foreign legal entities, 596 Indonesian investors, and 5 foreign investors.
However, Indonesian legal entities owned 72.66% shares in Bank Mega and foreign legal entities held 26.92% shares. To realize the plan, Bank Mega schedules a general meeting of shareholders on May 12, 2011.
At the end of 2010 and 2009, retained earning of Bank Mega which have not yet allocated was Rp2.69 trillion and Rp1.79 trillion respectively.
By calculating the number of the outstanding shares as much as 3.18 billion shares, then the ratio of bonus shares is 25:4. Each shareholder of 25 existing shares will entitle four new shares which to be issued with a nominal value of IDR500 per share.
Disclosure: No position at the stock mentioned above.
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