Through the rights issue implementation, BRIS is predicted to gain capital worth US$319 million, with a price of Rp1,000 per share.
Heaptalk, Jakarta — PT Bank Syariah Indonesia Tbk (BSI) (issuer code: BRIS) has successfully performed the rights issue action, encountering an oversubscribed up to 1.4 times during the book building period on December 19th – 23rd, 2022. This achievement demonstrated the high confidence of national and international investors toward the significant performance of BRIS as a sharia-based banking company.
In response to this corporate action, the President Director of Bank Syariah Indonesia, Hery Gunardi, revealed the right issue move is not solely to enhance a suitable free float with the applicable policy yet to show up more vigorous confidence of investors in the business performance of the company fundamentally.
“We are grateful for accomplishing the rights issue process very well, and the stock absorption of the institutional investors from domestic and foreign as well as the public has generated an outstanding outcome. Through this process, the company has experienced an oversubscribed for shares issued 1.4 times during the offering period,” Hery said.
The company’s financial report recorded that Bank Syariah Indonesia has continued to elevate significantly and sustainably. During the third quarter of 2022, BSI closed the financing development by up to 22.35% annually. Moreover, the fee-based income of the company has also evolved to 25.5% in the same period, with the maintained financing quality in the Non-Performing Financing (NPF) Gross level of 2.67%. Meanwhile, the company’s profitability has enhanced positively, with a Return on Equity (ROE) of 17.44%.
On this rights issue agenda, Bank Mandiri, the company’s shareholder, carries out the entire process of this Rights Issue. In addition, PT Bank Negara Indonesia (BNI) Tbk, with 24.85% ownership of BRIS shares, has also completed part of the rights issue process, with a total of 500 million shares.
“The rights issue process has reached the final steps and is expected to amplify the capital structure with the Capital Adequacy Ratio (CAR) level to around 20%, hoping the banking industry could sustain the financing growth, and the sharia-based financing service could develop rapidly. For this reason, we aim to continue to perform business expansion massively to realize the tremendous aspiration of the company in the future,” affirmed Hery.
As it is known, the implementation of the rights issue contained the number of shares issued at the maximum of 4.9 billion new shares of a Series B, or approximately 10.84% of the company’s issued and fully paid-up capital. Furthermore, the exercise price of this rights issue agenda is worth Rp1,000 per share. As a result, PT Bank Syariah Indonesia is estimated to obtain capital at a maximum worth US$319 million, or equal to Rp5 trillion, from this Private Placement activity.
