Bank Mayapada to Raise Rp500 billion Through Rights Issue

Indonesia Finance

Saturday, 10 July 2010 12:34

PT Bank Mayapada Tbk said it plans to issue new shares or rights issue in the second half, to raise proceeds of Rp400-500 billion.

The bank said in a filing to Indonesian Stock Exchange on Friday that it is still in the process to determine the ratio, exercise prices, stand-by buyer and the usage of the rights issue' proceeds.

Bisnis Indonesia had earlier reported that the planned Mayapada's rights issue represents a 30% of total bank's shares and Tahir family will act as stand-by buyer.

Hariyono Tjahjarijadi, Bank Mayapada's president director, as quoted by Bisnis Indonesia, said the rights issue will be launched in the third quarter with the proceeds to be used for funding the business expansion.

He said the rights issue proceeds will increase Bank Mayapada's capital to Rp1.5 trillion, from current Rp1 trillion. Mayapada is controlled by Tahir (son-in-law of Mochtar Riady, chairman and founder of Lippo Group). Mayapada Group and Lippo Group have somewhat similar ways of
business sectors; finance, retail and property.

Mayapada Group is member of a consortium which will in near term publish Forbes magazine for Indonesia edition after buying franchise license from Forbes International based in Fifth Avenue, New York City.

Investor magazine, owned by Lippo Group had few years AGO reported Investor Group had secured franchise license from Christopher Forbes to publish Forbes for Indonesian version.

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