Bank Sinarmas to expand through rights issue, foreign investments

Bank Sinarmas hopes to expand operations by offering rights issue of shares in the second quarterand by tapping foreign in vestments.

The bank explained that the proceeds raised from the offering will be used to expand the bank’s general operations, and specifically to expand the branch networks to reach more customers and fortify its information technology system.

PT Sinar Mas Multiartha Tbk, the financial holdings arm of the Sinar Mas Group conglomerate, will absorb "a part of" Bank Sinarmas' rights issue share offering to maintain its ownership of the lender, using funds from a new shares’ issuance that will be absorbed by strategic investors, according to the lender.

Sinar Mas Multiartha is currently seeking foreign investors, most likely from Asia, to buy up to 10 percent of its enlarged capital because the new shares offering does not carry rights for existing shareholders to absorb, the bank’s director, Kurniawan Udjaja, said.

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