Aug 25, 2010

Bank Saudara to hold rights issue

PT Bank Saudara Tbk aims to hold second right issue by December 2010. The company expects to generate Rp200 billion from such corporate action.
The rights issue is taken to foster its capital particularly in expanding its business activities although it had conducted its first right issue early this year.
President Director of Bank Saudara Farid Rahman confided that such right issue was undertaken for the second time merely to foster its capital following the improved Indonesia’s capital market.
“We plan to hold the right issue in December this year. We are now preparing the administration process,” said Farid also acted as General Secretary of National Bank Association (Perbanas) amidst the hearing process with the Inquiry Committee of Financial Authority draft.
He further explained that the company’s management is now conducting selection process over the future underwriters as the company expects to choose three brokerage houses to become the underwriters.
“We can not disclose this since they have not conducted any presentation yet. We shall announce the underwriter once they are chosen,” he said as reported by today.
Bank Saudara held 745.82 million share right issues valuing Rp104.41 billion early this year or reaching 99.44% out of the total right issue achieving 750 million shares. 

Disclosure: No position at the stock mentioned above.

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