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MARKETS | Tony Chua, Indonesia
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Bank Danamon plans offering 1.16bn rights shares

The rights issue’s proceeds targeted to increase lending in small-to-middle sized businesses and the automotive sector.

Bank Danamon said in a prospectus Monday that it plans to sell 1.16 billion rights shares at IDR4,300 ($0.50) each to shareholders registered as of Sept. 12.

The nation's sixth-largest bank by assets said it aims to raise IDR4.997 trillion ($684 million) from the rights issue.

It said that shareholders will be eligible to buy 138 new shares for every existing 1,000 shares they own as of Sept. 12.

Bank Danamon said it plans to use the proceeds from the rights issue to increase lending in small-to-middle sized businesses and the automotive sector.

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