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Finance

Bank Rakyat Indonesia scores region's 'largest rights issue'

New state holding raises $6.7 bn to expand financing to ultramicro businesses

State-owned Bank Rakyat Indonesia, heavily focused on micro and small loans, sees increasing promise in serving ultramicro businesses.  (Photo by Keiichiro Asahara)

JAKARTA -- Indonesia's state-owned holding entity for ultramicro businesses, Bank Rakyat Indonesia, on Wednesday said it successfully raised 95.9 trillion rupiah ($6.71 billion) from its recent rights issue -- which the Jakarta bourse called the largest such fundraising in Southeast Asia.

Inarno Djajadi, president director of the Indonesia Stock Exchange, said BRI did not just break the IDX record for the largest rights issue in its history, but also topped those of other bourses in the region. He added the amount raised is also one of the highest among rights issues across Asia as well as globally.

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