PT Bank Yudha Bhakti Tbk (BBYB) announced the change of company name to PT Bank Neo Commerce Tbk on 7 September 2020 after receiving a copy of the decision of the Deputy Commissioner for Banking Supervision I of the Financial Services Authority (OJK).
A copy of the letter from the OJK is numbered Kep 121/PB.1/2020 concerning the Determination of the Use of the Business License for PT Bank Yuhdha Bhakti Tbk to become PT Bank Neo Commerce Tbk on September 7 2020.
This information was conveyed by Bank Yudha Bhakti Compliance Director Hardono Budi Prasetya in an information disclosure on the Indonesia Stock Exchange (BE) on September 9.
Previously there was a change in share ownership of Bank Yudha Bhakti after the entry of the e-commerce company, Akulaku.
Based on shareholder data for August 2020, the largest share portion of BBYB is now held by PT Akulaku Silvrr Indonesia amounting to 24.98%, the remainder is held by PT Gozco Capital Tbk 20.12%, PT Asabri (Persero) 18.62%, and Yellow Brick Enterprise Ltd 11.09%, the rest are other investors including the public.
Previously, BBYB carried out a Limited Public Offering (PUT) III, namely issuing new shares with Pre-emptive Rights (HMETD) or a rights issue of a maximum of 1,320,381,878 or 1.32 billion new shares with a nominal value of IDR 100/share.
The implementation price for this rights issue is set at IDR 300/share so that the funds obtained by Bank Yudha Bhakti reach IDR 396.11 billion.
Based on the prospectus published on the IDX, it is stated that each shareholder who owns 14 shares whose name is registered in the Company’s Register of Shareholders on July 7 2020 at 16.00 WIB has 3 HMETD where every 1 HMETD gives the holder the right to buy 1 new share which is offered with implementation price Rp. 300.
Akulaku Silvrr Indonesia as the main shareholder of the company stated its ability to exercise its rights to purchase new shares issued in the framework of PUT III.
Meanwhile, Gozco Capital and Asabri have stated that they will not exercise HMETD in the context of LPO III.
“Akulaku Silvrr Indonesia stated that it would implement HMETD where PT Akulaku Silvrr Indonesia’s commitment is to have a maximum of 24.99% of the company’s issued and paid-up capital,” wrote BBYB’s prospectus, quoted by CNBC Indonesia.
“The funds obtained from the results of LPO III after deducting emission costs will be used entirely for working capital for the Company’s business development in the form of lending and other banking operational activities,” wrote BBYB management.