Indonesia-based PT Bank Yudha Bhakti Tbk plans to issue 569,591,963 new shares to boost working capital and fund expansion, IDNFinancials reported May 22, citing a Indonesian stock exchange prospectus.
Subject to shareholder approval at the company's annual general meeting June 27, the shares will be issued at 303 Indonesian rupiah apiece through a private placement. The new shares are equivalent to 10% of the company's paid-up capital.
Through the issuance, the company's cash and cash equivalent will increase to 814.21 billion rupiah from 671.92 billion rupiah.
The bank will also issue 3 billion new shares in a rights offering, which is the equivalent to 38% of the company's paid-up capital, the publication said in a separate report also published on May 22, adding that a warrant will release 1.70 billion shares.
As of May 22, US$1 was equivalent to 14,115 Indonesian rupiah.
