BTPN to collect Rp 1.32 trillion from rights offer

Bank Tabungan Pensiunan Nasional (BTPN), a mid-size lender controlled by US private equity giant Texas Pacific Group, will raise Rp 1.32 trillion from its planned December rights offer after shareholders approved the plan on Thursday, the lender says in a statement.

BPTN’s president director Jerry Ng said the lender would offer 118.79 million new shares in the rights offer at Rp 7,000 apiece, or more than half of the normal share prices traded on the Indonesia stock exchange.

Shares of BTPN were traded at Rp 14,850 each on Thursday’s close, up 1.71 percent, or 250 points, compared to a day earlier. BTPN shares have advanced 286 percent so far this year, outperforming the broader Jakarta composite index 44 percent jump.

“Shareholders will be entitled to buy one share for every five shares owned,” Jerry said in the statement.

Standby buyers for the rights shares, which will be offered from Dec. 10-17, include CIMB Securities Indonesia and Danareksa Sekuritas. (est)