PT Bank CIMB Niaga Tbk will issue 20% new shares during an official right issue to raise IDR1 trilion. The fund will be used to increase Niaga’s capital adequacy ratio (CAR) particularly in its business expansion.
The right issue may also be conducted in the beginning of 2011. The banks will also sell back its second-phase subordinated bond valuing IDR1 trillion at the very least in the last semester this year. Such bond issuance tailed the similar corporate action in the second quarter of 2010 valuing IDR1.38 trillion or smaller that the company’s target reaching IDR1.5 trillion.
The bank which was controlled by Khazanah Holding Berhard through CIMB Group, now poses below 14% CAR. The company booled IDR1.13 trillion net income during the first half this year or soared by 62% compared to IDR696 billion a year earlier.
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