Oct 20, 2010

BTPN eyes Rp1 trillion rights issue

PT Bank Tabungan Pensiunan Nasional Tbk (BTPN) plans to raise Rp1 trillion from rights issue in a bid to jack up capital adequacy ratio (CAR).
BTPN Director BTPN Anika Faisal said the bank has mandated PT Danareksa Sekuritas and PT CIMB Securities Indonesia as the rights issue underwriters. "Rights issue is hopefully to boost the bank capital," she said tonight. BTPN plans to use prospectus based on June's financial report.
Established in 1958, BTPN is a medium-size public bank focusing on Indonesia's pension market.  In March 2008, the Texas Pacific Group acquired a 72% stake from a number of local investors.  From late-2008, the bank has been an active microfinancing player.
Fitch Ratings has affirmed BTPN national long-term rating at AA-(idn), individual rating at D, support rating at 4 and the ratings of its IDR750 billion senior bonds issued in 2009 (Bond I/2009) and IDR1.3 trillion senior bond issued in 2010 (Bond II/2010) at AA-(idn).
The outlook is Stable. At the same time, Fitch has assigned an expected AA-(idn) rating to BTPN's proposed senior bond III/2010 amounting up to IDR1.25 trillion with 3 to 5 year maturity.
The final rating on the issue is contingent on the receipt of final documents conforming to information already received.

Disclosure: No position at the stock mentioned above.

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