The market cap of PT Bank Negara Indonesia Tbk (BNI) stock has been undermined by nearly IDR3.98 trillion in the past two days since the stock price had continuously plummeted following the divestiture of the stock at IDR2,050 per share.
State Minister for State Enterprises Sofyan A. Djalil decided to sell 3.95 billion shares of BNI at the floor price of IDR2,050 of IDR2,050-IDR2,700 price range. The government insisted on selling the stock, allocating only half of the shares to domestic investors, when the world's stock bourses were plummeting.
In the meantime, of IDR8.1 trillion in funds raised from divestiture, the government is going to have IDR4.04 trillion in fresh funds as privatization contribution fund, which is targeted to reach IDR4.7 trillion this year. Therefore, the State Ministry for State Enterprises has to find IDR700 billion more to compensate for the shortage.
Sofyan Djalil is now only relying on the IPO of PT Jasa Marga and the second rights issue of PT Wijaya Karya that all will dilute the government's stakes in the two companies.
Sunday, August 5, 2007
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