3.1% Stake in BNI Divested to Strategic Investors

The State Ministry for State Enterprises is offering a 3.1% stake in BNI or 473.89 million shares to strategic investors.
The measure is taken to meet the target of state enterprises to contribute IDR21.8 trillion to the State Budget and is expected to be realized by the yearend.
The shares of BNI that the government will divest are those purchased through stabilizing agent PT JP Morgan Securities Indonesia when BNI's stock price was still below IDR2,050 per share or equal its divestiture price.
In BNI's stock price stabilization, JP Morgan previously raised IDR1 trillion fund, which equals the bank's green shoe of 473.89 million shares at IDR2,050 per share.
BNI's stock price booked its record high on August 25, 2007 at IDR2,858 per share. However, after the divestiture, BNI's stock price fell to IDR1,640 per share.
According to Deputy State Minister for State Enterprises for Restructuring and Privatization Mahmuddin Yasin, the deadline of the divestiture of the 3.1% stake would fall on November 1, 2007, or the same with the end of the lock-up period of green shoe securities.