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Indonesia's Bank Bukopin indicates price range for rights issue

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Indonesia's Bank Bukopin indicates price range for rights issue

PT Bank Bukopin Tbk plans to price its upcoming rights issue at between 500 rupiah to 700 rupiah per share after receiving shareholder approval at its annual general meeting, IDNFinancials reported May 23, citing CEO Eko Rachmansyah Gindo.

The Indonesian bank will offer 2.7 billion shares to investors to raise up to 1.91 trillion rupiah. Proceeds from the issuance will be used to boost the company's capital adequacy ratio, with a target of 14% by the end of 2018.

Gindo expects the plan to receive approval from the local Financial Services Authority in June.

Bukopin Director Adhi Brahmantya said two foreign investors, have shown interest in the offering, without citing names.

South Korea's KB Kookmin Bank and U.K.-based CVC Capital Partners Ltd. reportedly conducted due diligence on the offer, while TPG Capital and PT Bank Negara Indonesia (Persero) Tbk are said to have expressed interest in participating, according to the report.

As of May 22, US$1 was equivalent to 14,115 Indonesian rupiah.