BNI Seeks IDR8.7 Trillion from 30% Shares Offering

BNI has targeted to get IDR8.7 trillion from the offering of 30% shares. Some IDR4.2 trillion will go to the company's capital, and the rest IDR4.7 trillion will go to the state budget of 2007.

the initial target of transfer to the state budget was IDR3.3 trillion. The transfer will be from the sale of 1.5 billion shares. Apart from that, the government will sell 1.9 billion shares it got from rights issue of BNI.

It means that, the government has projected to get some gains from the rights issue of IDR2,025 and the ones it will get from the sale of the shares. If the share price from the rights issue can be IDR2,400, the government will get additional revenue of IDR570 billion. This is conservative figure as the stock price can be higher than that.

The prospectus has said that the price target is IDR2,025 both for the rights issue and for the divestment program. In fact the price should be determined based on the book building process.
BNI has determined that the share price during the rights issue is IDR2,025 per share, and investor with 20 shares may get three new stocks.

The SOE Ministry has confirmed not to take the right and let investors to buy the stocks. BNI will get IDR4.03 trillion from the rights issue.