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Bank Negara Indonesia (BNI) and its controlling stakeholder,
the government, have raised Rp 8.1 trillion (some US$885 million)
selling 3,95 billion shares in the country's third largest bank via a
secondary offering.
The sale, which reduces the government's stake in the bank to 73.3
percent from 99.1 percent, marks the country's biggest stock sale by
value.
The government sold its shares in the bank at Rp 2,050 per share, State
Minister for State Enterprises Sofyan Djalil told a press conference
Tuesday. It had targeted a price range of Rp 2,050 and Rp 2,700 per
share.
"We had a good response from investors although there was some
disturbance in the market. But, it could be better. If only we had
privatized BNI a week ago, the price of the shares would have been
higher.
"In theory, we said that the timing was very good but the subprime
mortgage situation in the U.S. has affected market appetite," Sofyan
said, referring to the recent global market turmoil triggered by a Wall
Street selloff.
Still, Sofyan said the stock offering, which attracted investors from
Asia, the U.S. and Europe, was successful under the circumstances --
something he said reflected investor confidence in the country's
economy, banking sector and BNI's prospects.
"By way of comparison, I think the buyer composition is 50:50 as
between local and foreign investors."
The sale, arranged by Bahana Securities and JP Morgan, also raised the
level of retail shareholding in BNI from less than 1 percent to 26.7
percent.
Of the total proceeds of this year's first divestment, around half
would go into the state coffers, Sofyan said, with the rest being used
to strengthen BNI's capital structure.
"The government and BNI will each get their share of the money," he
explained.
The government has been selling its stakes in state-owned firms and
companies it took over during the financial crisis to help plug the
annual budget deficit.
Meanwhile, Bahana president director Ito Warsito acknowledged that the
global market turmoil recently had affected the outcome of the BNI sale.
"Since last week, the international markets have fallen by 6 percent on
average, and this definitely affected both domestic and foreign
investors.
"It is not easy to offer as much as this. Some companies such as
Chrysler and some other companies in Germany had to downsize their
prices," he said.
BNI's shares plunged Rp 200, or 7.5 percent, to close Tuesday at Rp
2,475.
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