JAKARTA. PT Bank QNB Indonesia Tbk (BKSW), a subsidiary of Qatar National Bank, announces the plan to increase its capital through the issuance of pre-emptive rights, also known as a rights issue, of 14.72 billion units of shares.

Before executing this corporate action plan, BKSW will ask for its shareholders’ approval on February 16, 2023.

For the record, the number of shares issued by BKSW will be equal to 72% of its entire issued and paid-up capital. Each new share will have a face value of IDR 250.

“The entire proceeds from this rights issue, after taking out the emission costs, will be used as the working capital by developing business through the credit expansion,” the management of BKSW said through the information disclosure.

According to idnfinancials.com data, until 10.43 AM WIB today (11/1), BKSW’s stock price is at IDR 98 per share. Assuming the BKSW will proceed with said price level, it might raise IDR 1.44 trillion of fresh funds through this corporate action.

Until September 30, 2022, Qatar National Bank still controlled 92.48% of BKSW, while public investors shared the remaining 7.52%. (KR/ZH)