Foreign fund sells BNI at Rp3,600

A foreign investor is trying to place shares of PT Bank Negara Indonesia Tbk (BNI) last night with a target proceed of US$90 million. The placement was finally done at Rp3,600 per share. With additional fee, the price is about Rp3,625.

Two sources familiar with the deal said the investor has mandated Deutsche Bank as the arranger for the shares sale. "Book building has been set at a maximum discount of 7% of the closing price today," the sources told Insider Stories last night

BNI shares were closed at Rp3,725 a share yesterday. Corporate Secretary Tribuana Tunggadewi at BNI said there is no information about the shares placement.

Disclosure: No position at the stock mentioned above.  

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