JAKARTA: Government claimed the demand for the rights issue of PT Bank Mandiri Tbk is oversubscribed by more than 2 times amidst the plan to raise bid price above IDR6.150 per stock.Pandu Djajanto, Deputy for Strategic Planning and Restructuring at Ministry of SOEs, said the market responded positively over the state lender's rights issue plan as supported by the company's favorable fundamental.Bank Mandiri is a good stuff with good demand. Its oversubscribed more than 2 times but not up to six-fold, he said when attending Young Entrepreneurs Award held by Bank Mandiri in Jakarta, yesterday.Bank Mandiri will issue 2.33 billion rights issue with preemptive rights (HMETD). The preemptive rights will be traded on 14-12 February 2011 after being listed in Indonesia Stock Exchange (IDX).The bank will offer the rights issue price in range of IDR4.000-IDR6.150 per stock in order to obtain IDR9.3 trillion-IDR14.4 trillion.Old shareholders of 8,985 shares listed in the shareholder list as of 10 February 2011, have the right for 1,000 shares with preemptive rights.Pandu also said the Ministry of SOEs will give bigger portion to domestic investors rather than foreign investors but the composition is still undetermined. He only said that 60% will be allocated for retail investors while the rest of 40% will be for institutional investors.Meanwhile, he was reluctant to comment on the price of the government's rights disposed.We do not exercise our rights. [For the price] I will tell you later on Monday [24/1]. Certainly, there is a discount as a sweeter. Yet, the discount will be small because Mandiri is a good stuff, he said.Previously, Pandu said that the sales mechanism for the government's rights is similar to BNI's rights issue last year. Yet, the price is different.In BNI's rights issue, the government gained IDR741 billion after releasing rights at premium of IDR300 from the determined price at IDR3.100.Bank Mandiri does not insert the price of government's rights into the rights issue prospectus like previously committed by BNI.Currently, government owns 66.7% shares with preemptive rights in the rights issue or around 1.558 billion shares. The rights are diverted to Mandiri Sekuritas and Danareksa Sekuritas as the selling agents. The shares resulted from the preemptive rights will be sold through the rights issue.Rising priceAt the same time, Bank Mandiris President Director Zulkifli Zaini said the rights issue price will likely be increased following the higher market interest. Hopefully, the figure meets our expectation on the first day, we would be delighted."Yet, he still can not mention the determined shares price as book building is still running until 21 January. We will determine the price after finishing the book-building. Lets wait until Friday [today] because this is the first day for book-building then we will see how much it will be oversubscribed.According to him, the investors are highly interested in teh road show of the rights issue, which has been conducted in several cities domestically and overseas. We have conducted the road show for a week, there are eight major sectors [invited] within a day.According to Minister of SOEs Mustafa Abubakar, Bank Mandiri has gained IDR8.5 trillion net income in 2010, which was 19.7% or IDR1.4 million higher compared to IDR7.1 trillion at the same period in 2009.Besides gaining high income last year, Bank Mandiri was also became Indonesias biggest lender along with PT Bank Rakyat Indonesia Tbk.Of course, as public company, the gain must be audited first before we come to the final number, said Mustafa.Earlier, Mustafa said Mandiri and BRI are the state-owned banks that gained the biggest income by IDR17 trillion, which means BRI only gained IDR8.5 trillion.Bank Mandiris share was closed at IDR5.800 in yesterdays trading or strengthened by IDR50 from the closing price on Wednesday. The price created a market capitalization of IDR121.77 trillion as corrected by 10.77% since the closing of trading in the end of last year. (T06/NOM).
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