Fix Share Price IDR 1,200, BTN Rai IDR 4.13 Trillion From Rights Issue

PT Bank Tabungan Negara (Persero) Tbk or BTN has successfully held additional capital through pre-emptive rights (PMHMETD) or rights issue with excess requests (oversubscribed) for the portion of public shareholders reaching around 1.6 times.

"We are very grateful, the BTN Bank rights issue process went smoothly. The number of incoming requests is also very high, so the BTN rights issue has been oversubscribed about 1.6 times," said BTN President Director Haru Koesmahargyo in an official statement quoted by Antara, Friday, January 6.

In its corporate action, BTN issued 3.44 billion new shares of series B which is equivalent to 24.54 percent of the issued and fully paid capital.

With an exercise price of IDR 1,200, the bank coded BBTN will receive an additional capital of IDR 4.13 trillion after this corporate action is completed.

Haru expressed his gratitude to the public shareholders, government, and other stakeholders who have supported the smoothness and success of the company's rights issue process.

"The excess demand for the rights issue of Bank BTN is a big trust from BTN's shareholders in the company's performance," he said.

He continued that BTN will maintain the trust of shareholders by producing performance that will continue to grow positively and sustainably in the years to come.

He said he would increase the capacity for the distribution of BTN housing financing, from the previous 800 thousand units for five years to 1.32 million units.

Previously, BTN had obtained permission to do a right issue to strengthen Car-Tier-1 capital and increase the provision of People's Housing Credit (KPR).

In the rights issue, the government includes IDR 2.48 trillion from State Capital Participation (PMN), and the remaining IDR 1.65 trillion is collected from the public.