Sep 2, 2010

Qatar Bank to buy 80% Bank Kesawan

Qatar National Bank plans to acquire 80% stakes in PT Bank Kesawan Tbk (BKSW) via rights issue.
Bank Kesawan President Director Gatot Siswoyo said the company aims to hold rights issue in the first quarter of next year.
"Qatar Bank currently takes its time to hold a due diligence on Bank Kesawan. When the bank completes the due diligence, we will announce rights issue and Qatar Bank plays as standby buyer," he said.
In July, Bank Kesawan has mandated Arqaam Capital, Middle East-headquartered investment bank facilitating Qatar Bank to enter Bank Kesawan.
He said Bank Kesawan's equity is now Rp180 billion and will balloon to Rp900 billion with Rp730 billion additional cash generated from rights issue.
Based on Bapepam-LK regulation, the change of controlling share holder in a publicly listed company may spur tender offer.

Disclosure: No position at the stock mentioned above.

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