PDFCI offers rights shares

JAKARTA (JP): PT Bank Private Development Finance Company of Indonesia (Bank PDFCI) will offer 31.25 million rights shares to its shareholders from Oct. 21 to 24 to raise funds for its expansion programs.

"We expect to collect some Rp 60 billion in fresh funds from the rights issue," PDFCI's president, Bistok Hutasoit, told reporters on Monday after a presentation for securities brokers and analysts.

Hutasoit said 95 percent of the proceedings will be used to increase the company's working capital, while the remaining five percent will go toward financing the development of human resources.

He said holders of two old shares will be entitled to buy one new share.

PDFCI is owned by Bank Indonesia, AJB Bumiputera 1912, PT Pan Indonesian Bank Ltd., the Nippon Credit Bank Ltd of Japan, Deutsche Investitions und Entwicklungs-gessellschaft mbH of Germany, the International Finance Corporation, an affiliate of the World Bank, and the investing public. (fhp)