BGD and MNC Kapital Bank to Acquire Pundi Through Rights Issue

PT Banten Global Development (BGD), owned by Banten Provincial Government, and PT MNC Capital Indonesia Tbk (BCAP) will become shareholders of PT Bank Pundi Indonesia Tbk (BEKS) through a limited public offering IV with Rights Preemptive (ER). Post the corporate action, Bank Pundi will be known as Banten Bank.

PT Recapital Securities, controlling shareholder of Bank Pundi, is to sell the Rights to BGD and MNC Kapital worth Rp 300 billion and Rp 100 billion, respectively. The new share issue will increase the company’s capital to Rp 2.25 trillion. In this prospectus, Bank Pundi will release ordinary shares of series B with as much as 35.42 billion shares with an exercise price of Rp 18.35 per share, making its total proceeds amount to Rp 650 billion. The Company will also convert debts worth Rp 129.64 billion to Green Resources International Ltd. (GRIL) into shares.

The current shareholders of Bank Pundi are Recapital Securities with 67.85%, IF Services Netherlands BV with 13.34%, Pershing LLC with 10.71% and Public with 8.10%. If all shareholders execute their rights, shares of Bank Pundi after Rights Issue IV will be: Recapital Securities with 23.79%, IF Service Netherlands BV with 3.11%, Pershing LLC with 2.49%, Public with 8.11%, GRIL with 15.30%, MNC Capital with 11.80%, and BGD with 35.40%.

If this is not carried out by the shareholders, Recapital Securities will become the standby buyer, executing a maximum of Rp 70 billion. Shareholders who do not execute their rights will be diluted by 76.71%, thus causing the change of ownership to be: Recapital Securities with 25.58%, IF Service Netherlands BV with 3.30%, Pershing LLC with 2.65%, Public with 2.01%, GRIL with 16.27%, MNC Kapital with 12.55%, and BGD with 37.64%.

Bank Pundi will expand its business by offering new products of commercial loans and consumer lending this year. Commercial loans will be channeled to the development of working capital construction projects and infrastructure development investment credit. Consumer credit will be offered in the form of loans to civil servants and pensioners, mortgages, and motorcycle ownership. (*)