JAKARTA. Woori Bank Korea has expressed its willingness to take part in the rights issue held by PT Bank Woori Saudara 1906 Tbk (SDRA).

For the record, Woori Bank Korea is the main shareholder of SDRA, with a share ownership of 7.21 billion shares or equivalent to 84.20% of shares. According to data compiled by idnfinancials.com, Woori Bank Korea has strong cash at the end of 2023, which amounted to US$ 1.36 billion or equivalent to IDR 21.08 trillion.

The number of shares issued by SDRA in the rights issue is 6.4 billion shares. This is equivalent to 42.76% of the issued and fully paid capital.

Each new share has a nominal value of IDR 100 per share, and will be offered at an exercise price of IDR 500 per share. With this pricing, SDRA has the potential to raise up to IDR 3.2 trillion from the rights issue.

The recording date to obtain the rights issue is set on March 22, 2024. Meanwhile, the distribution of Pre-emptive Rights is scheduled for March 25, 2024 and the listing of Pre-emptive Rights on the Indonesia Stock Exchange (IDX) on March 22, 2024.

In the prospectus submitted, SDRA will allocate around 90.39% of the proceeds from the rights issue for working capital. Later this working capital will support the company's credit expansion. The remaining 9.61% will be allocated for the development of the company's IT infrastructure. (KR/LM)