Thursday, August 12, 2010

Indonesia goverment raise IDR1.37 trilion

The government finally set the price for PT Bank Negara Indonesia Tbk's greenshoe stocks at IDR2,900 a share and will raise IDR1.37 trillion. Domestic investors buy about 70% of the greenshoe stocks and 30% will be take over by foreign investors.
There are local pension funds have been the largest buyers, pension funds of Dana Pensiun Bank Indonesia, PT Jamsostek, Dana Pensiun Perkebunan, and Dana Pensiun Pertamina. Meanwhile, the foreign investors that become the largest buyers are Invesco Hong Kong Ltd and Fidelity Investment Ltd.
The price actually can reach IDR3,000 a share but if the government offers higher price, then the foreign investors will be the most potential buyers. With the price set at IDR2,900 per share, the stocks will face 3.93 times oversubscribed. Meanwhile, if the price is set at IDR3,000, the stocks will be 1.36 times oversubscribed.
PT Bahana Securities, Macquarie, PT Danareksa Sekuritas and PT Mandiri Sekuritas handle the divestment. The government owns 473.8 millionn shares or 4.14 percent out of total BNI shares.

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