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Bank Mayapada to raise up to 3 trillion rupiah via bond issue

PT Bank Mayapada Internasional Tbk will raise between 2 trillion rupiah and 3 trillion rupiah through a subordinated bonds issuance, IDN Financials reported May 21, citing a May 18 statement from Haryono Tjahjarijadi, the lender's president director.

Funds raised from the issuance will be used to boost the lender's regulatory capital. The bank is targeting a capital adequacy ratio of 18% to 19% by the end of 2018.

Taiwan-based Cathay Financial Holding Co. Ltd., which owns 40% of the Indonesia lender, said in April that it will participate in the lender's fundraising this year in order to avoid share dilution.

As of May 21, US$1 was equivalent to 14,171 Indonesian rupiah.