Bakrie Group (BNBR) Plans Rp4.76 Trillion Rights Issue to Repay Subsidiary Debt
PT Bakrie & Brothers Tbk. (BNBR) plans to raise capital through a rights issue of 89.91 billion shares. The rights issue price is set at Rp53 per share, a discount from today’s trading price of Rp129. The Bakrie Group aims to raise Rp4.76 trillion through this corporate action.
According to disclosure, shareholders holding 27 BNBR shares registered in the Shareholders List as of 26 June 2026 at 4:00 PM WIB are entitled to 14 subscription rights. Each right allows the purchase of one new share.
The shares issued through the rights issue will represent 34.15% of the total shares outstanding upon completion.
Port Fraser International Ltd, a major shareholder holding 38.85 billion shares (22.41% of total), will receive 20.14 billion subscription rights. However, in a letter dated 13 May 2026, Port Fraser stated it will not exercise all rights and will transfer them to PT Bakrie Capital Indonesia (BCI), the standby purchaser in the rights issue. Port Fraser has no affiliation with BCI.
Fountain City Investment Ltd, another major shareholder with 38.44 billion shares (22.17%), will receive 19.93 billion subscription rights. Similarly, in a 13 May 2026 letter, Fountain City confirmed it will not exercise all rights and transfer them to BCI, with no affiliation between the two.
BCI, set to receive 40.08 billion rights from both companies, plans to exercise all rights as per a 25 May 2026 statement, amounting to Rp2.12 trillion.
BNBR management stated BCI has sufficient funds to exercise the received rights.
“If shares offered in the rights issue are not fully subscribed, the remaining will be allocated proportionally to other rights holders who have requested more than their entitlement, based on the number of rights exercised,” BNBR management said in the disclosure dated 26 May 2026.
Should any shares remain after allocation, BCI as the standby purchaser has agreed to take up the remainder, up to the full 89.91 billion shares.
After deducting costs, the proceeds will be used to provide a Rp4.36 trillion loan to PT Bakrie Toll Indonesia (BTI), a BNBR subsidiary. BTI will repay the full principal of Rp3.66 trillion to Hartman International Pte. Ltd. and Rp700 billion to PT Bank Nationalnobu Tbk. (NOBU).
A further Rp200 billion will fund working capital for PT Bakrie Construction (BCONS), while Rp40 billion will support a joint venture for constructing rest areas on the Cimanggis-Cibitung toll road.
The remaining funds will be used by BNBR for working capital, including salaries, office rent, and operational expenses.
The rights issue was approved at an Extraordinary General Meeting of Shareholders (RUPSLB) on 27 February. The tentative schedule includes rights distribution on 29 June, with listing on the Indonesia Stock Exchange (BEI) the following day.
The rights trading period runs from 30 June to 13 July 2026, with the exercise period overlapping.