Feb 22, 2011

Government and Bukopin rights issue

Indonesian government via Ministry of State-Owned Enterprises has missed exercise period in rights issue of PT Bank Bukopin Tbk (BBKP), decaying a potential of Rp41.6 billion capital gain.
As reported by Bisnis Indonesia today, it was different from the situation when the ministry bagged Rp1 trillion of cash by exercising preemptive rights and placed the new shares to investor during rights issue of PT Bank Mandiri Tbk (BMRI) and PT Bank Negara Indonesia Tbk (BBNI).   
A source said the ministry forgot to exercise its preemptive during Bukopin's rights issue. One thing for sure, PT Bahana Securities, has reminded the ministry to exercise the preemptive rights. In fact, there was no action from the ministry.
Prior to the rights issue, the ministry held 16.88% shareholding or 1.04 billion shares in Bank Bukopin. After it passed the rights, the government's share has been diluted to 14.14%.
Kopelindo, Yabinstra, and Kopkaindo had agreed to exercise preemptive rights of 1.19 billion and sold it to PT CIMB Securities.   
Based on data published by Indonesian Central Securities Depository, CIMB Securities has been recorded as holder of 14.49% stake or 1.18 billion shares in Bank Bukopin since February 10 2011.  
According to Bukopin Finance Director Tri Joko Prihanto said Kopelindo, Yabinstra, and Kopkaindo bagged Rp40 per share from the rights issue.

Disclosure: No position at the stock mentioned above.
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