Sunday, October 3, 2010

Bank Permata plans rights issue IDR1.99 trillion

PT Bank Permata Tbk today announced that the Bank intends to raise equity capital by way of a Limited Public Offering IV (rights issue). The rights issue will further strengthen the Bank's Tier-1 capital position to support business expansion and pursue growth opportunities.
David Fletcher, the Bank Permata’s President Director, remarked “This rights issue further strengthens PermataBank’s balance sheet and gives us even greater flexibility to take advantage of growth opportunities in the Indonesian banking market as they emerge”.
Through the rights issue, Bank Permata will issue at the maximum of 1,290,520,987 new registered common shares of Class B at the exercise price of Rp. 1,549 per new share with due observance of the Extraordinary General Meeting of Shareholders' (EGMS) approval.
Each shareholder, whose name is registered in the Bank’s Shareholder Register at the recording date, holding six shares is entitled to one Issuance of Preemptive Rights (HMETD) and each HMETD shall be entitled to purchase one new share.
PermataBank has a strong capital position with a Tier 1 ratio and capital adequacy ratio (CAR) of 9.2% and 13.9% (as at 30 June 2010), respectively, which are well above the minimum requirements set by Bank Indonesia. The Rights Issue will increase the bank’s CAR by around 370bps.
As reflected in the results for the first half of 2010, PermataBank continues to improve its operating performance. Net profit after tax (consolidated - audited) posted a strong increase of 62% year-on-year (YoY) to IDR521 billion. Total operating revenue increased 9% yoy to IDR 2.003 billion driven by growth in interest income and fee based income. Third Party deposits also grew 16% yoy to IDR48.9 trillion. The Bank continued to optimize its intermediary function in the Indonesian economy, as reflected in its loan book which recorded healthy growth of 19% YoY to IDR43.9 trillion at the end of the period.
The Bank's majority shareholders, PT Astra International Tbk and Standard Chartered Bank, will fully subscribe to their entitlement under the rights issue and act as proportional standby buyers for the remaining rights issue shares that are not subscribed (after having taken into account any excess applications) by other shareholders in the rights issue.
The Rights Issue is subject to the Bank obtaining approval from Bank Indonesia, effective letter from BAPEPAM-LK and shareholders’ approval for the rights issue at the EGMS scheduled to be convened on 3 November 2010. Completion of the rights issue is indicatively scheduled for the end of November 2010.

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