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AKARTA: Bank Tabungan Pensiunan Nasional (BTPN), a mid-size lender controlled by US private equity giant Texas Pacific Group, will raise Rp 1.32 trillion (US$147.8 million) from its right issue which will be launched in December.

The right issue plan was approved by the bank’s shareholders in a meeting on Thursday.

BTPN’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.

BTPN shares rose 1.71 percent to close at Rp 14,850 on Thursday. BTPN share price has advanced 286 percent so far this year, outperforming the broader Jakarta Composite Index’s 44 percent increase.

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

Standby buyers for the rights shares, which will be offered on Dec. 10-17, include CIMB Securities Indonesia and Danareksa Sekuritas. — JP