PT Bank Neo Commerce Tbk (BBYB) plans to conduct a limited public offering (PUT) IV or right issue up to 832,724,404 shares with an exercise price of Rp300 per share.

A brief prospectus published on Wednesday (3/2) states that the company targets to raise funds through this corporate action of Rp249.817 billion.

The company plans to use proceeds from the corporate action entirely for working capital for its business development in lending and other banking operations.

As its main shareholder, PT Akulaku Silver Indonesia has stated its ability to exercise all of its rights to purchase these new shares. For shareholders who do not realize their rights, their share ownership will be diluted by around 11.11%.

As planned for Limited Public Offering IV, the company had received shareholder approval through the EGMS on September 30, 2020. The company expects to receive an effective statement from OJK on March 16, 2021. The company sets cum date for the right issue on the regular market, and negotiations are estimated to be March 24, 2021. Pre-emptive rights trading and exercise period on the IDX are 1-8 April 2021.