PT Bank Pembangunan Jawa Barat and Banten Tbk (BJBR) plans to increase capital with a pre-emptive rights issue of up to 925 shares of B series, representing 9.40 percent of the total number of issued and fully paid shares.

Referring to the company's brief prospectus published on Friday (26/2), the company will hold an annual Shareholder Meeting (AGM) on April 6, 2021, to realize the corporate action.

The company will use all proceeds obtained from this rights issue will be used to strengthen the capital structure to expand its credit.

Shareholders who do not exercise their rights will be subject to ownership dilution of a maximum of 8.59 percent of the company's percentage of share ownership.

After the rights issue process complete, the company's shareholdings composition will be the West Java Provincial Government will hold 38.18 percent, the Municipal and Regency Governments in West Java own 24.03 percent, the Banten Provincial Government 5.29 percent, City Government and Banten Regency 7.87 percent, and the public controls 24.64 percent.