Bank Mandiri, Indonesia’s biggest lender by assets, has set a price for its rights issue, valuing its shares at between Rp 4,000 and Rp 6,150, a recent statement shows.
In a short prospectus released Tuesday, the state-owned lender said it would offer 2.34 billion new shares at the beginning of February next year, valuing the rights offer at between Rp 9.3 and Rp 14.4 trillion — the biggest in Indonesia’s stock market history.
“Funds obtained from the rights offer proceeds will be fully used to strengthen the company's capitalization structure, which will be used to expand the company’s business and loan growth,” Mandiri said in the statement.
State-owned Mandiri Sekuritas and Danareksa Sekuritas have been appointed as standby buyers for the shares.
For each 8,985 existing Mandiri shares held on Feb. 10, shareholders will have rights to buy 1,000 new shares offered in the rights issue.
Mandiri will begin offering the shares in a bookbuilding process targeting local and foreign investors in the second week of January, travelling to Singapore, Hong Kong, the US and the UK, Mandiri chief financial officer Pahala Mansury said previously. (est)
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