PT MNC Kapital Indonesia, a financial services firm, has unveiled plans to increase its stake in Bank ICB Bumiputera (BABP) from 25% to 40% this year.
MNC Kapital is planning to secure around IDR1.5 trillion (US$129.4 million) in June from rights issues.
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Until now, BCAP had spent IDR218.68 billion purchasing 25% shares of the bank.
Through this acquisition, MNC Kapital will boost its operations to six major business units ranging from asset management to banking services.
MNC Kapital has submitted rights issue permit to Financial Service Authority (OJK).
Darma Putra, president director of MNC Kapital Indonesia, said: "Once we’ve become the major shareholder and have got approval from the Financial Services Authority [OJK], we will rename the bank to MNC Bank.
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By GlobalData"The proceeds from the rights issue in addition to add to holdings in ICB Bumiputera , will also be allocated to strengthen the capital structure of its subsidiary. The rest we will use to invest in our subsidiaries, "he added.
Putra added that the bank plans to issue new shares in June and the total fund targeted will be IDR800 billion.
