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Indonesia's Bank Yudha Bhakti pursues rights, share issuance for cash boost

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Indonesia's Bank Yudha Bhakti pursues rights, share issuance for cash boost

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.