Oct 3, 2010

Bank Permata rights issue at Rp1,549

PT Bank Permata Tbk (BNLI) today announces Rp2 trillion fourth rights issue in a bid to strengthen its tier 1 capital structure to support business expansion and pursue growth opportunities.
David Fletcher, the Bank Permata’s President Director, in a press statement today that the rights issue is expected to make the bank's balance sheet in strong level.
During the rights issue, Bank Permata will issue 1.29 billion new shares of class B at an exercise price of Rp1,549 per share. Six existing shares will have rights to exercise 1 new share to be issued by the bank.
As of June 30 2010, the bank was in strong capital position with tier 1 ratio and CAR of 9.2% and 13.9% respectively. The rights issue is expected to boost the bank's CAR of around 370 basis points.
Bank Permata's net profit after tax increased 62% to Rp521 billion year on year in the first half of this year, total operating revenue inched up 9% to Rp2 trillion YoY, driven by growth in interest income and fee based income.
Bank Permata's majority shareholders, PT Astra International Tbk and Standard Chartered Bank will fully subscribe to their entitlement under the rights issue and act as proportional standby buyers for the remaining rights issue shares that are not subscribed. Extraordinary general meeting of shareholder is scheduled at the end of November 2010.
 
Disclosure: No position at the stock mentioned above.

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