Apr 23, 2011

Bank Victoria sells shares to Emirates

PT Bank Victoria International Tbk (BVIC) has sold 414.58 million shares or 10% of its outstanding shares to Singapore-based Emirates Tarian Asset Management Pte Ltd at Rp142 per share.
Bank Victoria has obtained Rp58.87 billion from the private placement. The proceed will be used to strengthen the bank's capital structure in a bid to develop business.
The placement price was higher than Rp141.4 per share, the average price during 25 trading days before Bank Victoria announced the proposed plan of non-preemptive rights.
Post the placement, the bank's common stock increased to 2.73 billion shares from 2.32 billion shares. On last Friday, BVIC gained 2.68% to Rp153 per share from Rp149.
Bank Victoria is part of Victoria Group, a group in which the majority shares is controlled by Tanojo family, through Wakijo Tanojo's youngest daughter Suzanna. 
Wakijo Tanojo is one of founders of Surabaya-based Wings Group (PT Sayap Mas Utama) with Katuari and Harjo Sutanto.  Victoria Sekuritas is the controlling shareholder of Bank Victoria International. Victoria Sekuritas is owned by Suzanna Tanojo and Christien Tanojo through PT Gratamulia Pratama.
  
Disclosure: No position at the stock mentioned above.  

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