Monday, June 14, 2010

Bank Jabar Banten offer price IDR510-IDR680

PT Bank Jabar Banten offer price for initial public offering at level IDR510-IDR680. Bank Jabar Banten has appointed PT Bahana Securities and PT CIMB Securities Indonesia to underwrite the IPO with full commitment mechanism.
The company open possibility to increase the percentage of the stocks as from 20 into 30 percent.
"The general meeting of shareholders have given permit to the company to sell stocks to public up to 40 percent. But initially we will sell 20 percent and if market gives good response, the stock percentage could be increased up to 30 percent instead of reaching at 40 percent at maximum."
Some 80 percent of the generated funds from the IPO will be allotted for credit expansion. Some 10 percent is for information technology networks and the other 10 percent is for office networks expansion.
Bank Jabar Banten plans to issue IDR2 trillion bonds to maintain mismatch maturity of the fund resource and credit disbursement. The bond tenure is 3 and 5 years. The company plan to issue bonds in semester II/2010 using early June finance statement.

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