Dec 28, 2010

Bank Mandiri eyes Rp14 trio rights issue

One of Indonesia’s largest banks, PT Bank Mandiri Tbk (BMRI), targets to pocket of Rp9.36 trillion-Rp14.39 trillion proceed from right issue of B-series shares.
Bank Mandiri aims to issue 2.34 billion shares or 11.14% shares of the totally paid shares schedules in February 2011.
Mentioned in a today’s publication of right issue’s prospectus, Bank Mandiri sets a right issue price at the range of Rp4,000-Rp6,150 a share. Meanwhile, the Bank Mandiri’s right issue is scheduled in February 2011.
Each holder of 8,985 shares has 1,000 preemptive rights to buy a new share that will be issued by the lender.
On the other hand, PT Mandiri Sekuritas and PT Danareksa Sekuritas act as the right issue’s underwriters as well as standby buyers for 778.69 million shares that weren’t owned by the government’s portion.
The government will not exercise 1.56 billion preemptive rights. Based on a purchase agreement signed on December 23 2010, the rights will be transferred to Danareksa and Mandiri Sekuritas. Furthermore, they will sell and offer the rights to foreign and domestic investors.
According to the plan, Bank Mandiri will allocate the fund of right issue to strengthen its capital structure that support its business development and credit growth in the future.

Disclosure: No position at the stock mentioned above.  

Print This Article

No comments: