Partial Delisting Affected, Bosowa Shares in KB Bukopin Deleted!

Jakarta, CNBC Indonesia – The Indonesia Stock Exchange (IDX) announced the partial delisting of shares PT Bank KB Bukopin Tbk (BBKP) owned by the Apkindo Timber Cooperative (Kopkapindo) and PT Bosowa Corporindo as many as 514,121,700 shares from the capital market starting September 20, 2021, today.

Based on the IDX announcement, this partial delisting was carried out to implement Government Regulation (PP) No. 29 of 1999, that share ownership of less than 1% is no longer listed on the IDX.

Thus, after the partial delisting, the total listed BBKP shares amounted to 31,996,002,771 shares. Meanwhile, based on the latest data, the number of outstanding shares of BBKP before the partial delisting was 32,673,251,194, meaning BBKP shares that are not recorded are 677,248,423 shares.

In detail, the shares belong to Kopkapindo with 397,602,613 shares, Bosowa Corporindo 188,779,606 shares, and the Indonesian Bulog Employees Cooperative (Kopelindo) with 90,866,204 shares.

Currently, Bank KB Bukopin is focusing on implementing corporate actions in order to strengthen the company’s capital.

The Company has issued Shelf Registration Bonds I KB Bukopin Phase I and Shelf Registration Subordinated Bonds III KB Bukopin Phase I Year 2021 which provide competitive coupon rates.

Each coupon rate given is 6.25% for the bonds, then 8.00% for the Series A Subordinated Bonds, and 8.90% for the Series B Subordinated Bonds, as shownquote the written statement, Friday (10/9/2021).

For information, BBKP issues the principal amount of the Bonds with a maximum value of IDR 1 trillion, the principal amount of the Series A Subordinated Bonds with a maximum value of IDR 315 billion and the Principal Amount of the Series B Subordinated Bonds offered is IDR 685 billion. This reached Rp 2 trillion.

The two bonds are the first time the company has issued bonds since 2017.

Meanwhile, BBKP will also implement a plan to increase capital by granting preemptive rights (HMETD) or rights issue by issuing a maximum of 35,156,418,285 new shares with a nominal value of Rp 100/share.

The new shares are targeted to be listed on the IDX on September 29, 2021.

Based on the brief prospectus released by the company, the proceeds from the rights issue by the bank will be used to strengthen capital, disburse loans, and strengthen the long-term funding structure in accordance with the established business direction.

Based on a copy of the Decree of the OJK Board of Commissioners No. 64/KDK.03/2020 dated August 24, 2020 regarding the Reassessment Results of PT Bosowa Corporindo as the Controlling Shareholder of Bank Bukopin, as amended by Copy of OJK Board of Commissioners Decree No. 56/KDK.03/2021, Bosowa as the controlling shareholder of Bank Bukopin, is prohibited from exercising its rights as a shareholder of Bank Bukopin.

Referring to data from BBKP’s rights issue prospectus last September 3, BBKP Series A shares are held by Bosowa 0.02%, PT Perusahaan Pengelola Aset (PPA) 0.01%, and public 0.03%.

The BBKP Series B shares in that period (before the partial delisting) were held by Bosowa 8.49%, Kookmin 67%, PPA, 3.17%, and the public 21.28%.

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