Oct 24, 2010

BTPN to jack up rights issue

PT Bank Tabungan Pensiunan Nasional Tbk (BTPN) will potentially rise its value in rights issue from Rp1 trillion to Rp1.3 trillion.
Director BTPN Anika Faisal revealed that approval of the rights issue plan will be decided in the extraordinary meeting of shareholders scheduled on November 25, 2010.
”The proceed gathered from the rights issue will be allocated to strengthen the capital and to support business growth through credit expansion,” Anika said.
BTPN has appointed PT CIMB Securities Indonesia and PT Danareksa Securities as the underwriters. BTPN will also issue bonds worth as much as Rp1.25 trillion and it has chosen CIMB Securities, Danareksa Sekuritas, and Indo Premier Securities as the underwriters.
BTPN’s net profit in the first half of this year jumped 146% to Rp345.3 billion from Rp140.6 billion at the same period last year.
Fitch Rating set the long-term national rating of BTPN at AA-(idn), individual rating at level D, and support rating at level 4.

Disclosure: No position at the stock mentioned above.

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