JAKARTA - Woori Bank Korea, the controller of 84.2% of PT Bank Woori Saudara Indonesia 1906 Tbk (SDRA), will exercise its entire rights in the upcoming rights issue in March 2024. Approximately 90.93% of the rights issue proceeds will be used to expand credit distribution.

Based on the short prospectus quoted Wednesday (31/1), SDRA is said to issue a maximum of 6.4 billion shares of IDR 100 each or 42.8% of its total issued and paid-up capital post-rights issue. This corporate action is carried out with a ratio of 2.14:1.6, meaning that every 2.14 billion shares are entitled to gain 1.6 billion new shares.

Woori Bank Korea, the owner of 7.21 billion shares of SDRA’s total issued and paid-up capital, has declared its willingness to exercise its entire rights to acquire shares offered in the rights issue. The authorised capital is recorded at IDR 3 trillion, followed by issued and paid-up capital that will rise to IDR 1.39 trillion from IDR 856.82 billion, as well as the stock in portfolio that will be worth IDR 1.6 trillion from IDR 2.14 trillion.

Assuming that only Woori Bank Korea exercised its portion in this corporate action, then, there would be a change in shareholder structure. Woori Bank Korea will own 90.30% of shares from 84.20%, PT Apramesis Meta Investama’s portion will shrink to 4.16% from 6.78%, while the public’s shares will be down to 5.53% from 9.02%.

As of September 2023, the loan channelled by this issuer had reached IDR 42.37 trillion, 7.40% higher than December 2022’s record of IDR 49.45 trillion. The loan was disbursed in the form of working capital and consumption credit. (LK/ZH)