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Neo Commerce Bank (BBYB) Revises Rights Issue Target from IDR 5 Trillion to IDR 1.7 Trillion

Neo Commerce Bank (BBYB) Revises Rights Issue Target from IDR 5 Trillion to IDR 1.7 Trillion

Andrianus.my.id -- PT Bank Neo Commerce Tbk (BNC) is included in the list of banks that still do not have a core capital of IDR 3 trillion as of September 2022. Therefore, this bank codenamed BBYB shares will hold a rights issue. 

Actually, the action plan to strengthen this capital has been in place since the beginning of the year, but management has postponed it to the third or fourth quarter of 2022. From the start, BBYB has planned to target fresh funds of Rp 5 trillion. 

President Director of Bank Neo Commerce Tjandra Gunawan stated that considering the market and economic conditions in the last few months, the management decided to change the target for obtaining funds from our Rights Issue event. BBYB is now only targeting to raise fresh funds of Rp 1.7 trillion.

"We currently value this figure as very sufficient to become fuel for BNC in executing the milestones that we have planned in the future. We believe the positive achievement of BNC's performance throughout this year, shows that BNC's performance is on the right track, so that the funds that will be obtained effectively and efficiently can support the Company's business performance even better next year," he said in a written statement, Sunday. (13/11). 

Tjandra added, this rights issue will increase BNC's funding capacity for the company's business development so that the company's performance after the rights issue is projected to experience sustainable growth.   

"Implementation of the Right Issue is a form of the Company's commitment to always comply with applicable laws and regulations, including the fulfillment of core capital. And the targeted amount of IDR 1.7 trillion will be used by the Company to strengthen core capital and as working capital for the development of the Company's business,” said Tjandra. 

BNC will issue a maximum of 2.61 billion new shares. Every holder of the old 18 shares registered in the Register of Shareholders as of November 22, 2022 is entitled to 5 Rights (Preemptive Rights). 

One HMETD gives the holder the right to buy one new share at an exercise price of IDR 650 per share, so that the amount of funds to be received by BNC is IDR 1.7 trillion.

In the Prospectus issued, the Major Shareholders of BNC, namely PT Akulaku Silvrr Indonesia, PT Gozco Capital and Rockcore Financial Technology Co.Ltd will fully exercise their rights in accordance with the portion of their ownership.  

Several important dates in the BBYB Right Issue include the date of listing shares on the Indonesia Stock Exchange (IDX) on November 24, 2022, along with the Preemptive Rights trading period which takes place on November 24 - 30 2022. The end of payment for additional subscriptions is December 2, 2022, with a date of the allotment on December 5, 2022 and the date of refund of the reservation on December 7, 2022.

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