Oct 4, 2010

Bank Bukopin to issue Rp1 trio subdebt

Publicly listed mid size PT Bank Bukopin Tbk (BBKP) aims to issue Rp1 trillion subordinated debt in a bid to jack up capital. 
Bank Bukopin Finance Director Tri Joko Prihanto said the bank is ready to hold a beauty contest to pick underwriter. 
According to him, Bank Bukopin will boost capital adequacy ratio from the current level at 13% to 16%. The subordinated notes is aimed to enlarge tier II capital.
Bank Bukopin previously mandated PT CIMB Securities Indonesia as a financial adviser for preparing rights issue. 
Koperasi Pegawai Logistik Seluruh Indonesia (Kopelindo) controls 39.39% stake in Bank Bukopin, Yayasan Bina Sejahtera Warga Bulog (Yabinstra) owns 12.3%, government 17.29%, Apkindo 6.7%, and public holders hold the remaining.
Disclosure: No position at the stock mentioned above.
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