JCI drop doesn't affect Bank Mandiri rights issue

Wandrik Panca Adiguna - Bisnis.com

Jumat, 21 Januari 2011 | 08:23

JAKARTA: The sharp decline in Jakarta Composite Index (JCI) does not affect the Ministry of State-Owned Enterprises to implement the rights issue of PT Bank Mandiri Tbk in February 2011.Minister of State-Owned Enterprises (SOEs) Mustafa Abubakar said he will continue the corporate action and will continue to monitor the stock price of the state-owned bank in the market. Currently, the stock which was listed with a code of BMRI stood at the level of IDR5,600 per share."The rights issue is stick to the plan. We just follow the rhythm of capital market. The price will be adjusted to current market pricing," he said today.Deputy of Restructuring and Strategic Planning of the Ministry SOE Pandu Djajanto was reluctant to reveal the stock price. He just said the markets response to the corporate action is quite good so that there is a double oversubscribed.As it is known, the price of Bank Mandiris new shares will be determined at the beginning of next week at January 24, 2011.Based on the companys prospectus announced today, the bank will issue 2.337 billion new shares at a price of about IDR4,000-IDR6,150 per share. Total funds targeted around IDR9.3 trillion to IDR14.4 trillion.Meanwhile, this morning, the stock index corrected by 39.54 points or 1.15% to as low as 3,414.57 and continued to decline to a level of 3,341.69 in midday break at 11.30 am, Jakarta time.Head of Research of Bhakti Securities Edwin Sebayang today said that the decline on the index was mainly caused by settlement transactions of Exchange Trade Fund (ETF) for US$100 million. ETF categorized as EIDO that has an underlying stock at LQ 45.He said that the decline was not reflected Indonesia's economic fundamentals or the fundamentals of listed companies in the country"This is not due to the poor fundamentals, but it is more likely because of the ETF transactions, like mutual funds which underlying in LQ45. The stock composition consists of ASII, TLKM, BBCA, BBRI, EARTH, BMRI, PGAS, UNTR, SMGR, and UNVR," he said in short message service (SMS), today. (t03/wiw)

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