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Bank Muamalat Indonesia to raise 2 trillion rupiah in rights issue

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Bank Muamalat Indonesia to raise 2 trillion rupiah in rights issue

PT Bank Muamalat Indonesia Tbk plans to raise up to 2 trillion rupiah via a rishts issue, IDNFinancials reported Sept. 7.

Achmad Permana, the bank's president director, said the bank is looking to issue up to 20 billion rights shares at 100 rupiah apiece. Funds raised from the rights issue will be used to enhance the bank's capital and to support its business growth.

Permana said the bank's plan to issue 1.5 trillion rupiah of sukuk, or Shariah-compliant bonds, is in the process but declined to comment further.

As of Sept. 6, US$1 was equivalent to 14,945 Indonesian rupiah.