Oct 1, 2010

Qatar to buy Bank Kesawan at Rp250

Standby buyer Qatar National Bank (QNB) is committed to buy new shares issued by PT Bank Kesawan Tbk during rights issue at Rp250 per share or Rp734 billion.
Qatar Bank, on the rights issue prospectus published by Bank Kesawan today, might control more than 25% stakes in Bank Kesawan if some public shareholders won't exercise their rights.
Qatar Bank is ready with internally generated cash to buy Bank Kesawan's new shares.
Bank Kesawan aims to issue 2.94 billion new shares during the rights issue at Rp250 per share.
PT Adhi Tirta Mustika is 51.22% controlling shareholder in Bank Kesawan, PT Mallomo holds 18.37% stakes, and public shareholders own 30.41% stakes. Qatar Holdings LLC controls 50% stakes in Qatar Bank and public holders own the remaining.

Disclosure: No position at the stock mentioned above.

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