2003 INITIAL PUBLIC OFFERING (IPO) BRI exercised Initial Public Offering on 31 October 2003 with a total of 3.811.765.000 Registered Ordinary Shares Series B to domestic and foreign investors. The total shares was a divestment of 2.047.060.000 shares of the Republic of Indonesia and 1.764.705.000 shares issued from the portfolio. The initial public offering was in accordance with the effective registration statement issued by Bapepam - now OJK (Letter of Bapepam Chairman No. S-2646/ PM/2003) dated 31 October 2003. The shares were offered at a nominal value of IDR500.00 per share. traded on 10 November 2003. with offering price of IDR875.00 (IDR87.50 adjusted with stock split in 2011 and 2017) and registered in Jakarta Stock Exchange (now Indonesia Stock Exchange). Following the initial public offering. BRI issued two types of shares: Golden Shares Series A and Ordinary Shares Series B. Golden Shares Series A are issued and owned by the Republic of Indonesia and are not transferable to any parties. On 10 November 2003 BRI exercised oversubscription option of 381.176.000 Ordinary Shares Series B of the Republic of Indonesia (divestment) and over-allotment option of 571.764.000 Ordinary Shares Series B of the Republic of Indonesia (divestment) on 3 December 2003. The divestment was listed at the Jakarta Stock Exchange (now Indonesia Stock Exchange). Stock Issuance Chronology 2004-2010 SHARE OWNERSHIP PROGRAM FOR MANAGEMENT (MANAGEMENT STOCK OPTION PROGRAM) Based on the Extraordinary General Meeting of Shareholders’ decision on October 3. 2003. BRI’s shareholders approved the stock purchase options for management or Management Stock Option Plan (MSOP). The number of shares issued in BRI’s MSOP was 588.235.250. The implementation of the MSOP was carried out in three phases with the MSOP Phase I and II exercise periods ended on November 9. 2008 and November 9. 2009. while the Phase III MSOP ended on November 9. 2010. The three stages of MSOP refer to Bapepam-LK Regulation No. IX.D.4 and IDX Regulation No.1-A Lamp. JSE Board of Directors Decree No. Kep.305/BEJ/07-2004 concerning Securities Listing. MSOP shares that have been exercised until the end of all MSOP stages are 569.876.000 shares. Until the end of the exercise period. there were still 18.3 million non-exercised shares consisting of 4.3 million MSOP Phase I. 5.2 million MSOP Phase II and 8.8 million MSOP Phase III shares. With the end of the MSOP exercise in 2010. the composition of government share ownership changed from 59.07% in 2004 to 56.75% in 2010. 2011 STOCK SPLIT 1:2 Based on the Bank’s Extraordinary General Meeting of Shareholders (“EGMS”) held on 24 November 2011. the shareholders have approved to exercise a stock split from previously IDR500 per share to IDR250 per share (Ratio 1:2). The share price prior to stock split on 10 January 2011 was IDR9.300.00 and changed to IDR4.800 at the closing of trading on 11 January 2011. With such stock split. the total shares outstanding prior to the stock split was 12.334.581.000 shares and at the stock split was 24.669.162.000 shares as of 11 January 2011. There was no changes on the shares ownership composition by the Government or Public prior to and after the stock split. Stock Split in 2011 Description Shareholders (Total Shares Outstanding) Total Shares Outstanding Government Public Nominal Number of (shares) % Number of (shares) % IDR Before Stock Split 7,000,000,000 56.75 5,334,581,000 43.25 500 12,334,581,000 After Stock Split 14,000,000,000 56.75 10,669,162,000 43.25 250 24,669,162,000 PT Bank Rakyat Indonesia (Persero) Tbk. 2023 Annual Report 156
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