JAKARTA. PT Bank Neo Commerce Tbk (BBYB) will issue up to 1.2 billion new shares or 9.09% through capital increase without pre-emptive rights, also known as private placement.

These new shares that will be issued in the private placement of BBYB has a face value of IDR 100 each. However, the official offering price has yet to be named by the company.

According to IDNFinancials data, BBYB’s price at the closing bell last Tuesday (27/6) reached IDR 488 per share. Assuming that BBYB will offer each share for IDR 488, the company might raise fresh funds of up to IDR 587.49 billion in this corporate action.

BBYB will first ask for approval during the Extraordinary General Shareholders Meeting regarding this private placement plan. This meeting is scheduled to take place on August 8, 2023.

In the official statement, the management of BBYB mentioned that the private placement funds will be used to enhance its core capital and working capital. “It is for our business expansion,” they added.

For the record, as of now, 27.32% of BBYB’s shares are controlled by PT Akulaku Silvrr Indonesia. PT Gozco Capital has another 9.70%, followed by Rockcore Financial Technology Co Ltd of 6.12%, and public investors of 56.86%. (KR/ZH)