Sep 6, 2010

Bank Bukopin to issue Rp500 bio bonds

PT Bank Bukopin Tbk (BBKP) is considering Rp500 billion bonds issuance in a bid to underpin loan expansion.
Bukopin Director Tri Joko Prihanto said the bonds issuance is waiting for the rights issue. "We have any plan to issue Rp500 billion bonds. If we could to hold rights issue, the bonds issuance would be launched next year," he said.
Bank Bukopin President Director Glen Glenardi said the bank aims to issue a maximum of 30% new shares into the market. "We are underway to obtain approval from our shareholders," he said as reported by Bisnis Indonesia today.
So far, PT Bank Rakyat Indonesia Tbk (BRI) and PT Jamsostek are competing to buy Bank Bukopin. Referring to valuation of PT Mandiri Sekuritas and PT CIMB Securities, fair value of Bank Bukopin is around Rp400-Rp700 per share.
Mandiri Sekuritas has been appointed by Jamsostek as financial adviser, while CIMB has obtained a mandate from Bank Bukopin.

Disclosure: No position at the stock mentioned above.

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