Nov 23, 2010

BNI sets rights issue at Rp3,100

Indonesia’s state lender, PT Bank Negara Indonesia (BNI) finally set the rights issue price of its C-series stocks at Rp3,100 per share.
In the company’s prospectus published today, with the excercise price at Rp3,100, it was stated that BNI shall derive Rp10.45 trillion proceed.
BNI shall utilize 80% of the fresh funds to boost its credit disbursement on corporate, small and medium scale enterprises as well as consumers.
Nearly 15% of such funds shall be allocated to develop the infrastructure of information technology, outlet and ATM.
The remaining 5% will be used to bolster its subsidiaries, including BNI Life, BNI Syariah, BNI Securities and BNI Multifinance.
BNI plans to issue 3.37 billion new C-series stocks at Rp3,100 per share. Each holder of 500,000 old C-series stocks poses 110,473 pre-emptive rights issue.
Every each pre-emptive rights issue grants its shareholder a right to buy one new C-series stock to be issued by BNI.
On the third rights issue, Bahana Securities acts the standby buyer for those C-series stock that does not belong to government at the most 902.51 million shares.
After the rights issue, government of Indonesia still controls 60% shares of BNI while the remaining owned by public.
Government said that it will execute not the entire pre-emptive rights issue as much as 2.47 billion pre-emptive rights issue in such corporate action.
Based on the purchasing agreement signed on 11 November by Indonesia’s SOE and Bahana Securities, it was stated that the pre-emptive rights issue owned by government of Indonesia will be sold to Bahana Securities.
Afterwards, Bahana Securities will offer and sell the stocks generated from the pre-emptive rights issue to the local and foreign investors.

Disclosure: No position at the stock mentioned above.  

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