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QNB officially controls 69% stake in Bank Kesawan

JAKARTA: Qatar National Bank (QNB) officially controls 69.59% shares of PT Bank Kesawan Tbk through rights issue. Previously, QNB planned to acquire 82.41% shareholding.Meanwhile, the ownership of PT Adhi Tirta Mustika in Bank Kesawan was eroded by 9.01%

JAKARTA: Qatar National Bank (QNB) officially controls 69.59% shares of PT Bank Kesawan Tbk through rights issue. Previously, QNB planned to acquire 82.41% shareholding.Meanwhile, the ownership of PT Adhi Tirta Mustika in Bank Kesawan was eroded by 9.01% from the preceding 51.23%. The remaining 21.4% is acquired by public.Bosowa Corporation Group has decided to keep its 15% shares in Bank Kesawan. The business group spent IDR100 billion to save its shares from being diluted in the rights issue.President Director of Bank Kesawan Gatot Siswoyo said that the bank has bag IDR733.81 billion from the rights issue, thus the capital adequacy ratio (CAR) increased 61.91% from 11.435 in December 2010.He also revealed that the bank booked paid-in capital of IDR890 billion (unaudited) or higher than the previous paid-in capital of IDR154 billion in Desember last year.This would give opportunity to the management to expand the business in the future, he said, yesterday.He also said that the bank appointed Arqaam Capital to be the financial adviser in the transaction. Arqaam Capital is an institutional financial adviser in regional investment activity which is also marketing some international and regional products in middle east.Gatot said the presence of QNB will bring benefits to Bank KesawanChief Executive Officer of QNB Group Ali Shareef El-Emadi yesterday communicated his commitment to become the long-term investor in Bank Kesawan. He also said that QNB Group plans to become a long-term investor in Indonesia.QNB is the biggest bank in Qatar which controls 40% market share.QNB has the largest distribution network in Qatar, with 44 office branches including three mobile branched and 12 islamic banking offices operated by QNB Al Islami supporting by 160 ATMs.QNB is now offering its services in 23 countries, including London, Paris, Yemen, Oman, Kuwait and Singapore. The bank also has representative office in Iran and Libya. Meanwhile Bank Kesawan has 36 branch offices all over Indonesia, with a total asset IDR2.5 trillion and CAR 11.43% in December 2010 (unaudited).The stock price of Bank Kesawan was stagnant at IDR690 in the closing session yesterday, compared with the previous day when the bank got market capitalization of IDR2.45 trillion.Director of Bosowa Corporation Sadikin Aksa said that the company keeps between 15% and 16% shares of Bank Kesawan. He also said that the company has an ambition to raise the ownership up to 20%.We have 9.01% shares in Adhi Tirta, while the rest is owned by public and another institution. We would like to increase the ownership to 20% in the future, he added.Bosowa originally owned Bank Kesawan shares through Malomo Transportindo as much as 18.37%. The company which owned by Aksa Mahmud had allocated IDR100 billion to retain ownership in the bank, after QNB ready to inject funds at IDR700 billion.(Wiw/t03)

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