The devastation transaction move is anticipated to positively impact Victoria’s core capital enhancement to around US$23 million.
Heaptalk, Jakarta — PT Bank Victoria International Tbk (issuer code: BVIC) has performed minimum core capital fulfillment worth Rp3 trillion, or approximately US$192 million (US$1 equals Rp15,598), following the POJK Consolidation of Commercial Banks regulations.
On December 23th, 2022, Corporate Secretary of Bank Victoria International, Caprie Ardira, explained BVIC and PT Victoria Investama Tbk (VICO) had accomplished a stock conversion of PT Bank Victoria Syariah (BVIS) of BVIC that VICO would own after obtaining approval from the Financial Services Authority (OJK) related to the BVIS’s share handover by VICO on December 22th, 2022.
According to Caprie, the devastation transaction move is anticipated to positively impact Victoria’s core capital enhancement to around Rp360 billion, or equal to US$ 23 million. Previously, Bank Victoria has also secured capital deposit funds worth Rp200 billion (US$12.8 million) per October 2022, which is recorded in the core capital of Bank Victoria last November this year.
As a result, according to the Publication Report of Bank Victoria on September 30th, 2022, this banking company occupied a position worth US$160 million, or approximately Rp2,503 trillion, augmented by a Devastation Transaction realization and a paid-up capital record, making this banking company’s core capital exceeding Rp3 trillion, or equivalent to US$192 million.
Based on the company representative, around 288 stocks of BVIS have been diverted from BVIC to VICO is 288 million shares, with a transaction value of US$18.4 million, or nearly Rp288 billion. Following this transaction, the shareholding of BVIC in Bank Victoria Syariah (BVIS) becomes 19.99%. Meanwhile, Victoria Investama corporate would hold 80% of BVIS shares, with the remaining stock of 0.01%.
Previously, as cited by bisnis.com, the rights issue implementation of BVIC occupied around Rp150 per share. Based on Bank Victoria’s prospectus, the company aims to absorb the emission value at a maximum worth US$47.7 million. Further, Victoria Investama, a primary shareholder and controller of the company, will only absorb part of the rights issue output that is rightfully theirs.
On the other hand, based on the company’s prospectus, VICO confirmed that it would take some rights issue steps to gain around 1.46 shares. Furthermore, Suzanna Tanojo, the Company’s Ultimate Controlling Shareholder (PSPT), emphasized performing the entire rights issue process with an estimated 658.56 million shares of shareholding. For this action, BVIC has gained a fresh injection worth RP318,7 billion, or equal to US$20.4 million, from numerous controlling shareholders who conduct the rights issue action.
