Bank BTN EGMS Approved Issuance of New B Shares Worth 4.6 Billion Series

- 19 October 2022 19:47 WIB
The Extraordinary General Meeting of Shareholders (EGMS) of PT Bank Tabungan Negara (Persero) Tbk (BTN) on Tuesday, October 18, 2022.  (Photo/Bank BTN)
The Extraordinary General Meeting of Shareholders (EGMS) of PT Bank Tabungan Negara (Persero) Tbk (BTN) on Tuesday, October 18, 2022. (Photo/Bank BTN)

JAKARTADAILY.ID – The Extraordinary General Meeting of Shareholders (EGMS) of PT Bank Tabungan Negara (BTN) on Tuesday, October 18, 2022, approved the issuance of new shares of up to 4.6 billion Series B shares with a nominal value of Rp500 per share.

These new shares are issued through a pre-emptive rights (HMETD) scheme, or rights issue,

The exercise price and rights ratio will be submitted in the final prospectus, after obtaining an effective statement from the Indonesian Financial Services Authority (OJK).

"The EGMS also approved the granting of authority to the Company's Board of Commissioners and Board of Directors to carry out all necessary actions related to the rights issue," explained Bank BTN President Director Haru Koesmahargyo at the press conference of Bank BTN's EGMS in Jakarta, Tuesday 18 October 2020.

Also read: Bank Tabungan Negara Launches Rent-to-Own Mortgage Program

Haru revealed, from the issuance of this new share, Bank BTN is targeting a total fund of Rp 4.13 trillion, with details of Rp 2.48 trillion being state capital participation (PMN) and the remaining Rp 1.65 trillion from public shareholders.

After the rights issue, the percentage of government shares did not change and remained the controlling shareholder.

"All funds obtained from the rights issue, after deducting costs, will be used for the Company's credit distribution in order to support the National Housing Program, in particular the Government's One Million Houses Program," Haru said.

According to Haru, several factors are behind the company's rights issue. First, the need for national housing is still very high. Based on data from the Ministry of Public Works and Public Housing, the backlog of home ownership in 2021 is 12.7 million households.

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Editor: Suksmajati Kumara

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