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Major Shareholders' Ownership Diluted Following BGTG Rights Issue

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Receh.in -
The ownership of the major shareholders of PT Bank Ganesha Tbk (BGTG) has been diluted following the completion of the second round of the Rights Issue in December. 

According to a report by PT Datindo Entrycom's Securities Administration Bureau, released on Monday (9/1) on the Indonesia Stock Exchange website, PT Equity Development's ownership of 8.33 billion shares, equivalent to 50.61%, has been diluted to 34%. 

Meanwhile, 1.38 billion shares owned by UOB Kay Hian Pte Ltd are now equivalent to 5.79%, down from 8.43%. Equity Global International's ownership of 2.4 billion shares has also been diluted from 14.67% to 10.01%. 

On the other hand, public ownership, which was originally 4.34 billion shares (26.39%), has increased to 11.84 billion shares (49.42%), after the rights issue was absorbed.

As reported, BGTG conducted a rights issue of up to 7.5 billion common shares at a nominal value of IDR 100 per new share and an implementation price of IDR 120 per share, or up to 45.53% of the number of shares placed and fully paid by the company after the second round of the Rights Issue. 

The company is expected to raise IDR 900 billion from the rights issue. After deducting the issuance costs, the proceeds from the rights issue will be used to strengthen the capital structure for the company's business development through the provision of loans, including digital lending services. If the funds cannot be disbursed, they will be placed in Bank Indonesia instruments or government securities.

According to a statement dated September 26, 2022, PT Equity Development Investment Tbk, the majority shareholder of the company with a 50.61% ownership, has stated that it will not exercise its rights and will not transfer them to any party. Shareholders who do not participate in their rights under the rights issue will be subject to a maximum dilution of 31.29% in ownership.


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