Trimegah handles Bank Kesawan rights issue

PT Bank Kesawan Tbk appointed PT Trimegah Securities Tbk to be underwriter on its rights issue this month.
President Director of Bank Kesawan Dinno Indiano said the financial report of December 2008 is the basis for the rights issue prospectus.
"With capitalization increase of Bank Kesawan, we expect this year the company could have credit expansion by 15 to 18 percent. We have appointed Trimegah to help prepare our right issue," he said last week.
He said Bank Kesawan eventually opted for rights issue of 20 percent of the shares to boost the capital adequacy ratio (CAR).
As per March 2009, CAR of Bank Kesawan was 11.07 percent by credit risk calculation.
Last year Bank Kesawan shareholders have got commitment with the Middle Eastern investors, Albaraka Banking Groups, to become strategic investors. The bank plans to be converted into sharia public bank. But global financial recession has called off the scheme.
As per March 2009, PT Adhi Tirta Mustika owned 64.03 percent of Bank Kesawan stakes. Adhi Tirta Mustika is owned by Rudy Widjaja, Siauw Surya Putra Subandi, Leonardus Sutarman, Rudy Tjanaka, and Yosep Solihin Yo. Besides, PT Kapita Sekurindo possesses 8.21 percent and the other 27.7 percent owned by public.