Apr 10, 2011

Bank Victoria to seek Rp450 billion

PT Bank Victoria Tbk, a lender of Victoria Group which is controlled by Tanojo family, is eyeing Rp450 billion proceed from rights issue and bond issuance scheduled in September this year.
Bank Victoria President Director Daroel O. Aboebakar said the bank is planning to hold the rights issue with the target proceed of Rp200 billion-Rp250 billion. "The proceed will be used to add working capital and network expansion," he said.
In tandem, Bank Victoria is targeting to raise another Rp200 billion from bond issuance. However, he declined to further explain about timing and sizing. 
Bank Victoria Corporate Secretary Susi Suryadi said the bank is planning to issue 2 billion-2.5 billion new shares or 40% of its enlarged capital.
The bank is underway to issue non-preemptive rights as much as 414.58 million shares or 10% of the total fully paid shares at Rp141 per shares or Rp58.46 billion proceed.
The majority shares of Grup Victoria is controlled by Tanojo family, through Wakijo Tanojo's youngest daughter Suzanna. Wakijo Tanojo is one of founders of Surabaya-based Wings Group (PT Sayap Mas Utama) with Katuari and Harjo Sutanto. 
Victoria Sekuritas is the controlling shareholder of Bank Victoria International. Victoria Sekuritas is owned by Suzanna Tanojo and Christien Tanojo through PT Gratamulia Pratama.

Disclosure: No position at the stock mentioned above.

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