Bank Syariah Indonesia Plans Massive Rights Issue to Lift Capital to $4.05 Billion by 2027

JAKARTA, Investortrust.id — PT Bank Syariah Indonesia Tbk (BRIS), the country's flagship Islamic lender, is preparing a rights issue of up to 6.8 billion Series B shares to reinforce capital reserves and expand financing capacity.

Based on Tuesday’s closing price of Rp 1,515 ($0.095) per share, the secondary equity offering could generate gross proceeds of up to Rp 10.32 trillion ($649.06 million).

As Southeast Asia’s largest economy accelerates Islamic financial intermediation, expanding the core capital base of its dominant Sharia lender is critical to supporting mega-syndication financing and major corporate credit pipelines. The multi-trillion-rupiah capital increase provides BSI with substantial balance-sheet headroom to boost its financing operations sustainably without straining capital adequacy ratios or relying on high-cost funding structures.

In an abridged prospectus filed with the Indonesia Stock Exchange on Wednesday, Sept. 30, 2026, the company stated that the new shares carry a par value of Rp 500 ($0.031) each.

All net proceeds generated from the preemptive rights offering (PMHMETD II), after deducting underwriter fees and corporate emission expenditures, will be deployed directly to fund financing disbursements to support long-term business expansion.

The proposed corporate maneuver remains subject to shareholder endorsement at an extraordinary general meeting of shareholders (EGMS) scheduled for Oct. 15, 2026.

Strengthening Capital Structure

Management noted that the preemptive rights offering aims to fortify the bank’s capital structure while significantly expanding financing delivery capacity. Total business-support capital is projected to advance from Rp 51.07 trillion ($3.21 billion) in 2026 to Rp 64.41 trillion ($4.05 billion) in 2027.

Concurrently, the bank’s capital adequacy ratio (CAR) is modeled to strengthen from 20.38% to 23.31% over the same operational timeframe.

The strengthened solvency profile is expected to anchor sustainable scale expansion across all business units, while advancing the lender toward higher regulatory bank classification tiers based on core Tier-1 capital thresholds.

Management cautioned that existing equity holders who opt not to exercise their subscription rights face a maximum equity dilution of up to 12.85%. BSI reserves the right to execute the rights issue in whole or in part, up to the maximum issuance threshold approved by the extraordinary shareholder vote.