Home Berita Bisnis Insurance Potential to Earn IDR 3 Trillion from Rights Issue, Bank Capital (BACA) goes Digital?

Potential to Earn IDR 3 Trillion from Rights Issue, Bank Capital (BACA) goes Digital?

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PT Bank Capital Indonesia Tbk. (BACA) is seeking approval from shareholders to conduct a rights issue by issuing 20 billion new shares. In today's trading, BACA's shares are at the level of Rp. 153 per, although this is not the exercise price, this benchmark has the potential to increase BACA's capital of Rp. 3 trillion. Ready to become a digital bank?

PT Bank Capital Indonesia Tbk. (BACA) plans to increase its capital by granting pre-emptive rights or rights issue by issuing a maximum of 20 billion new shares. The company plans to use the corporate action for market expansion.

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Based on information disclosure on the Indonesia Stock Exchange (IDX), Thursday (16/6/2022), the board of directors revealed that Bank Capital will submit a rights issue to OJK after obtaining approval from the Extraordinary General Meeting of Shareholders (EGMS) which is scheduled to be held on Monday, July 25, 2022.

Meanwhile, the EGMS will be held at the Mercure Hotel, Jl. Gen. Gatot Subroto No.1, South Jakarta, starting at 10.00 WIB until the end.

"Referring to the provisions of Article 8 paragraph (3) POJK HMETD, the period between the approval of the EGMS to the effectiveness of the registration statement is not more than 12 months," explained the directors of Bank Capital, Thursday (16/6/2022).

 Furthermore, the board of directors disclosed that the plan to increase capital by providing Pre-emptive Rights is expected to increase the company's ability to improve and develop business activities and attractiveness of competitiveness in the banking services business sector. Meanwhile, if the shareholder does not use the Pre-emptive Rights, it will experience a dilution of up to 73.86 percent

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The Board of Directors conveys that the new shares will be issued from the company's portfolio shares and will be listed on the IDX in accordance with the applicable laws and regulations.

BACA's own share price at the close of trading today was at the level of Rp. 153 per share or weakened -61.36 percent in the past year ( year-on-year / yoy). The company last year also said it was in the Go Digital process.

Although not the exercise price, with reference to today's closing price for comparison. Baca's rights issue has the potential to increase capital of Rp. 3 trillion. Meanwhile, at the current position, Bank Capital is recorded to have core capital (tier 1) of IDR 2.07 trillion as of December 2021, or an increase of 42 percent on an annual basis from the previous IDR 1.45 trillion.

The rights issue, if fully absorbed and added to the current tier 1 capital, has the opportunity to bring BACA closer to the digital banking provisions of IDR 7 trillion and pass the OJK regulation that commercial banks have a core capital of at least IDR 3 trillion by the end of 2022 or down to a rural credit bank (BPR).

In terms of performance, issuers codenamed BACA closed 2021 by posting a net profit for the year of Rp34.78 billion. This achievement decreased by 43 percent on an annual basis ( year-on-year / yoy) from previously posting a net profit of Rp. 61.41 billion. 

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