Issuing New Shares, Aladin Bank Led By Foreign Minister Retno's Son Will Raise Fresh Funds Of IDR 3.99 Trillion

JAKARTA - PT Bank Aladin Syariah Tbk (BANK) is seeking fresh funds in the capital market. The trick is to issue new shares through pre-emptive rights (HMETD) or rights issue.

Citing the company's offer document, Monday 9 May, Bank Aladin will earn Rp. 3.99 trillion from this action. This figure comes from the issuance of 1.99 billion new shares with an exercise price of Rp. 2,000 per share.

This amount is equivalent to 11.12 percent of the company's issued and fully paid capital. Through this action, holders of 100 thousand old shares registered on May 19 are entitled to 12,505 Preemptive Rights, where each Preemptive Rights gives the holder the right to purchase one new share at the exercise price.

The bank, which is led by the son of the Minister of Foreign Affairs Retno Marsudi, expects the funds from the public through a market mechanism. The reason is that PT Aladin Global Ventures (AGV) as the company's main shareholder with 60.21 percent ownership will not exercise its rights.

For this reason, if the company's new Preemptive Rights shares are not entirely taken by the public, the remainder will be allocated to other Preemptive Rights holders.

To realize this action, Bank Aladin will hold an extraordinary general meeting of shareholders (EGMS) on 28 May.

The proceeds from the issuance of the new shares will be used by the company for financing distribution.