Irvin Avriano A.
Panin Financial to rights issue IDR499.25 bio
JAKARTA: PT Panin Financial Tbk, a business and management consultant company from Panin Group, disclose its VII/2011 rights issue plan with fund targets IDR499.25 billion and IDR998.5 bio if added with its warrants.
The matter was conclude in its information disclosure published in newspaper today. The company that led by Fadjar Gunawan is intend to dispose 3.99 bio new shares with nominal and offered price IDR125.
The company also intend to issue the same amount of warrant with executing price IDR130 for the investor who take the rights to buy the new shares.
The investors who don't want to execute the rights will have his shareholders' portion diluted 14.25% after the rights issue done or 24.94% after the warrants already hit by the investors in November 2014.
Acted as stand-buy buyer is ultimate shareholder PT Panin Insurance Tbk, one of many insurance company controlled by Mu'min Ali Gunawan.
As much as 60% of the fresh fund will be used by Panin Financial to buy PT Bank Pan Indonesia Tbk (Bank Panin) stakes from PT Panin Life, while the rest is allocated to inject capital for Panin Life.
Beside Panin Financial, the other Panin Group member namely PT Clipan Finance Indonesia Tbk and PT Asuransi Multi Artha Guna Tbk is in stages for corporate action, also for rights issue with fund targets IDR468.59 bio and IDR215.49 bio, respectively.
Early this year, the financial institution group also intend to held initial public offering (IPO) for one of its member, Panin Life. Panin Life used to be namely PT Panin Anugrah Life, which incorporated in 1991 with name PT Aspac Life Insurance.
Panin Financial, which shares coded PNLF in the stock market, used to be named PT Panin Life Tbk and have its insurance asset restructured into Panin Life and release its insurance permit from the financial institution supervisory.