JAKARTA - The steps taken by PT Bank Syariah Indonesia Tbk and PT Semen Indonesia (Persero) Tbk to strengthen their capital through a limited public offering or rights issue, have succeeded in attracting investors. Through this action, the two companies began to reduce dependence on debt.
As stated by SOE Minister Erick Thohir. Erick said that this strategy is important to encourage the potential expansion of the state-owned company's business going forward.
"Don't say debt anymore, there are various kinds of corporate actions, whether to increase capital from the role of the government, increase capital from market corporate actions, strategic partnerships, and others," Erick told reporters, Thursday, December 29.
The BUMN financial management bailout has brought the state company to be healthier as a whole. In general, said Erick, the BUMN debt burden fell from 38 percent to 34 percent, so that the average BUMN now has a financial posture of 60 percent of the capital, and the rest is from debt.
Whereas usually, other companies are managed with a composition of 70 percent debt and 30 percent capital.
"We have proven how the profitability of SOEs from IDR 124.7 trillion last year rose to IDR 155 trillion, even though it was only nine months. Our contribution through dividends also increased during COVID-19, higher IDR 68 trillion, to IDR 1,198 trillion compared to the previous three years IDR 1,130 trillion," he said.
Erick emphasized that his party did not carelessly give the green light to SOEs who wanted to do a rights issue. Erick said, the additional capital is intended for SOEs with industries that have good prospects and potential in the future.
To expand the business, it means that capital must be strong, and business and the future must be good. Don't just increase capital, but sunset industry. Strengthen capital because there is indeed a promising new investment and not just create projects," said Erick.
Bank Syariah Indonesia
On December 26, 2022, the rights issue of Bank Syariah Indonesia (BSI) experienced an oversubscribed request of 1.4 times. This shows that investors both from within and outside the country increasingly believe in the performance of the bank codenamed BRIS shares.
President Director of BSI Hery Gunardi said that this corporate action in addition to successfully increasing free float in accordance with applicable regulations, also shows that investor confidence is getting stronger in the company's fundamental performance.
"Alhamdulillah, our rights issue went smoothly and the absorption of shares by institutional investors, both domestic and foreign and public, was very good, where there was an oversubscribed demand or oversubscribed share of 1.4 times at the time of the offer," said Hery.
In this rights issue, Bank Mandiri as the owner of 50.83 percent of the company's shares carries out all Pre-emptive Rights (HMETD). Meanwhile, PT Bank Negara Indonesia (Persero) Tbk or BNI which owns 24.85 percent of BRIS shares has partially implemented Preemptive Rights or 500 million shares.
This rights issue is heading to the final stage, and it is hoped that it can strengthen the capital structure with a CAR rate of around 20 percent. So that apart from being at the level with the average banking industry, it can also support the growth of Islamic financing and financial services which are growing rapidly. Thus, God willing, we will continue to expand our business massively to realize BSI's big aspirations in the future," continued Hery.
As is known, in the implementation of this rights issue, the number of shares issued is a maximum of 4.99 billion new Series B shares or 10.84 percent of the company's issued and fully paid capital. The exercise price of the rights issue is IDR 1,000 per share.
So that the amount of funds that will be received by the company in the context of PMHMETD I is a maximum of IDR 5 trillion.
Cement Indonesia
On December 28, 2022, PT Semen Indonesia (Persero) Tbk (SIG) also successfully implemented a rights issue with a total order reaching 96.9 percent of the total transactions. This corporate action is one of the strategic steps taken by GIS to support the company's performance, especially for ESG programs and business development.
SIG Corporate Secretary Vita Mahreyni said the absorption of the rights issue for the public portion reached 93.68 percent until the last period of transactions, showing the high interest and participation of public shareholders and the level of shareholder confidence in GIS.
Vita said the company carried out strategic initiatives that had been carried out so that it could record positive performance based on the company's financial statements as of September 2022.
The success of this rights issue is a motivation for GIS to continue to grow in the midst of competitive cement industry conditions. GIS will always strive to record positive performance as a form of responsibility and the Company's commitment to provide added value to shareholders," concluded Vita Mahreyni.
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