Capital Increased By IDR 4.13 Trillion From Rights Issue, BTN Gets The Task Of Multipliers To Distribution Of Mortgages

Minister of SOEs Erick Thohir. (Photo: Doc. Antara)

SOE Minister Erick Thohir asked PT Bank Tabungan Negara (Persero) Tbk or BTN to double property financing after the state-owned bank received funds of IDR 4.13 trillion from the rights issue.

Erick said the results of the rights issue would strengthen BTN's capital. With this additional capital, BTN can double its housing financing capacity.

"Thus, BTN is getting healthier and increasingly has the energy to continue to expand," Erick said in his statement quoted by Antara, Friday.

The bank with the stock code BBTN has successfully raised fresh funds of IDR 4.13 trillion. This fund was obtained from the proceeds of additional capital through pre-emptive rights (PMHMETD) or rights issue.

This corporate action was quite successful, because public shareholders immediately ordered it to exceed the initial target or oversubscribe by 1.6 times.

In the last 5 years, BTN has been able to disburse housing loans to 800,000 property units. After the additional capital, BTN is estimated to be able to finance up to 1.32 million housing units.

Erick said BTN's oversubscribe rights issue is proof of public trust in the bank's future.

The source of funds from the rights issue also shows that the quality of BTN's capital is getting higher because this bank does not depend on debt.

Meanwhile, BTN President Director Haru Koesmahargyo said that the results of the rights issue should be grateful.

"We are very grateful, the BTN rights issue process went smoothly. The number of incoming requests is also very high, so the BTN rights issue has oversubscribed about 1.6 times," Haru said.