BNI to sell rights shares at Rp 3,100 apiece

Tuesday, November 23, 2010 Label:
The country's number three lender Bank Negara Indonesia (BNI) has priced the shares for its new rights issue at Rp 3,100 (34 US cents) apiece, says president director Gatot Suwondo.

Gatot added that 3.37 billion new shares would be offered starting Dec. 3, valuing the rights offer at Rp 10.45 trillion.

"We want to add to our capitalization to disburse more loans, therefore we need at least Rp 10 trillion," he told a press briefing at BNI headquarters in Jakarta on Tuesday.

BNI expects its capital adequacy ratio to rise to between 19 and 20 percent following the rights offer, compared to 12.5 percent at present, Gatot added.

Bahana Securities has been appointed as the sole underwriter for the offering.

Shares of BNI (BBNI) slid following the announcement, trading at Rp 3,725 a share at 10:40 am, down 3.25 percent, or 125 points, from the day's opening.
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