Bakrie & Brothers Seeks 90 Billion Share Rights Issue

• Bakrie & Brothers plans a 90 billion share rights issue to strengthen capital structure

• Shareholders face up to 33.33% dilution, pending approval and OJK clearance

  
  

By Kenzie Aryasatya, Felicia Humaira Mumtaz, Muthia Noor Safitri, Alexa Vendra Syahira, Muhammad Sahl Samudro

February 27, 2026, at 16:30 GMT+7

PT Bakrie & Brothers Tbk (BNBR) plans to conduct a rights issue by issuing up to 90 billion new Series E shares to raise capital following its acquisition of Cimanggis Cibitung Tollways (CCT). The corporate action is designed to strengthen the company’s funding position after the toll road transaction expanded its asset base and financing requirements. 

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The move also reflects a broader trend among publicly listed companies turning to equity markets to reinforce funding positions. In anticipation of the rights issue and related restructuring steps, BNBR’s share price has recorded notable gains, trading around Rp161 to Rp202 as of Friday (02/27). The final effect on valuation will depend on pricing details and subscription levels once the transaction proceeds.

Illustration of Bakire, Bakire & Brothers | Source: IDN Financials

The rights issue is primarily aimed at refining BNBR’s funding profile following its acquisition of CCT, a strategic toll road asset that deepens the group’s exposure to infrastructure. 

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A significant portion of the proceeds will be used to repay obligations to creditors, with the aim of reducing leverage and improving the company’s capital structure after the transaction. The company has also stated that part of the funds will support working capital requirements at both the parent level and across its subsidiaries. 

In addition, the capital raised may be allocated toward business development initiatives and operational expansion related to the toll road asset, ensuring funding capacity is aligned with ongoing infrastructure operations and long-term project needs.

BNBR Corporate Headquarters | Source: Bakrie and Brothers

However, the rights issue carries dilution risk for existing shareholders, particularly those who choose not to exercise their rights during the offering period. 

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Based on disclosed projections, non-participating investors may face potential dilution of up to approximately 33.33% of their ownership stake, depending on the subscription levels and final number of shares issued. 

To proceed, BNBR will convene an Extraordinary General Meeting of Shareholders (RUPSLB) to seek approval for the rights issue, in accordance with the Indonesia’s Financial Services Authority (OJK) and Indonesia Stock Exchange (IDX) regulations. Upon obtaining shareholder consent, the company is required to submit a registration statement to OJK before executing the rights issue.

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Sources:

Bloomberg Technoz

CNBC Indonesia

IDN Financials