PDFCI issues rights shares to raise capital

JAKARTA (JP): The shareholders of publicly listed Bank PDFCI approved yesterday the management's proposal to raise paid-up capital by issuing 93.7 million rights shares.

Eddie Tong, the bank's president, said that the rights shares would be sold to current shareholders at Rp 1,600 each.

"With the new funds the paid-up capital will increase to Rp 187.5 billion and the equity to Rp 350 billion," he said after the bank's shareholders meeting.

The bank's assets rose 23 percent in the third quarter of last year to Rp 1.89 trillion from Rp 1.54 trillion in the same period of 1995. In the same period, the bank's lending portfolio rose to Rp 1.27 trillion from Rp 1.04 trillion, while its deposits (public funds) rose 53.3 percent to Rp 643.76 billion from Rp 419.82 billion.

Net profits reached Rp 25.05 billion in the January to September period.

Eddie said total net profits were estimated to reach Rp 31.7 billion last year.

The company's financial ratios also showed much improvement. The company's net earnings per share increased 8 percent to Rp 267 as of last September, from Rp 247 in 1995.

Eddie said he was optimistic that the bank, which provides most of its lending to corporate borrowers, would become the fifth largest syndicated loan arranger in the country.

He said the bank forecasted that its syndication loans would reach US$2 billion this year. (02)