KUALA LUMPUR: Malayan Banking Bhd says its subsidiary PT Bank Internasional Indonesia Tbk's (BII) rights issue was oversubscribed by 26 million units when the subscriptions received totalled 6.279 billion units for the 6.253 billion offered.

Maybank said on Thursday, April 29 the rights issue exercise was for 6.253 billion new rights shares at 22.5 rupiah each at an issue price of 225 rupiah, amounting to 1.407 trillion rupiah. The exercise was completed on April 21.

It said the relevant rights shares was listed on Bursa Efek Indonesia on Tuesday. BII share price closed at 305 rupiah per share on Wednesday.

Maybank president and CEO Datuk Seri Abdul Wahid Omar said the successful rights issue exercise signaled the confidence of shareholders in the future growth potential of BII in its core market segments.

"It is a boost to the capital strengths of BII and with the solid support of the Maybank Group, we are confident that BII will continue to make significant strides in its business performance in the future," he added.   

Maybank, via its unit Mayban Offshore Corporate Services (Labuan) Sdn. Bhd. and Sorak Financial Holdings Pte. Ltd. subscribed for 97.52% of the entire rights Issue which comprised its entitlement pursuant to the rights issue.

"Due to the over-subscription of the rights shares, Maybank as a standby buyer did not have to exercise its obligation to take up any excess rights Shares which have not been taken up by the other entitled shareholders and/or their renouncees under the rights issue," it said.