Bank Mandiri targets IDR14.39 trillion rights issue

Wandrik Panca Adiguna
Wandrik Panca Adiguna - 28 Desember 2010  |  04:02 WIB

JAKARTA: One of Indonesias largest banks, PT Bank Mandiri Tbk (BMRI), targets to pocket of IDR9,36 trillion-IDR14,39 trillion proceed from right issue of B-series shares.

Bank Mandiri aims to issue 2.34 billion shares or 11.14% shares of the totally paid shares schedules in February 2011.Mentioned in a todays publication of right issues prospectus, Bank Mandiri sets a right issue price at the range of IDR4,000-IDR6,150 a share. Meanwhile, the Bank Mandiris right issue is scheduled in February 2011.Each holder of 8,985 shares has 1,000 preemptive rights to buy a new share that will be issued by the lender.On the other hand, PT Mandiri Sekuritas and PT Danareksa Sekuritas act as the right issues underwriters as well as standby buyers for 778.69 million shares that werent owned by the governments portion.The government will not exercise 1.56 billion preemptive rights. Based on a purchase agreement signed on December 23 2010, the rights will be transferred to Danareksa and Mandiri Sekuritas. Furthermore, they will sell and offer the rights to foreign and domestic investors.According to the plan, Bank Mandiri will allocate the fund of right issue to strengthen its capital structure that support its business development and credit growth in the future. (t01/wiw)

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