Oct 26, 2010

BNI rights issue at Rp2,300-Rp3,700

One of Indonesia's largest state lenders PT Bank Negara Indonesia Tbk (BNI) today announces Rp7.75 trillion-Rp12.47 trillion third rights issue with preemptive scheduled on December 16 2010.
In the rights issue prospectus published today, BNI aims to issue 3.37 billion new shares of C series at Rp2,300-Rp3,700 per share. Each one preemptive give rights to buy one new shares, reflecting a 18.1% dilution for existing shareholders
Bahana Securities is mandated as standby buyer for the rights issue.
About 80% of the proceed will be used by BNI to support corporate loan, small to medium enterprises, and consumers credit. BNI will utilize 15% of the rights issue proceed to develop information technology infrastructure, new outlets, and automatic teller machines.
The remaining is planned by the bank to develop business of several subsidiaries.
Post rights issue, the government of Indonesia remains 60% stake controlling shareholder in BNI, shrinking from 71.84% stake, while public shareholders enlarge from 26.67% stake to 39.61% stake.

Disclosure: No position at the stock mentioned above.
 
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