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Monday, February 15, 2010

Bank Mandiri & BNI divest their stocks: Income Tax incentive to boost emitter net profit

Wednesday, 10/02/2010 00:00 WIB
By Irvin Avriano A.

Bank Mandiri & BNI divest their stocks: Income Tax incentive to boost emitter net profit

JAKARTA: The government added floating shares of PT Bank Mandiri Tbk and PT Bank Negara Indonesia Tbk (BNI) up to 40 percent each to get tax incentives.

The facility includes income tax discount by 5 percent to the company with at least 40 percent divestment to the bourse.

Currently the composition of BNI floating shares is about 15 percent, and Bank Mandiri floating shares in the secondary market is 33 percent. The Indonesian government through state enterprise ministry owns 66.76 percent Bank Mandiri stocks and 76.36 percent BNI stocks.

BNI is said to have increased public stocks portion into 40 percent so as to get 5 percent tax incentive.

Last night Bisnis asked President Director of BNI Gatot Mudiantoro Suwondo, but he was not available for comment.

The government currently owns 473,89 million green shoe of BNI or 4.14 percent of the total issued and placed shares of BNI.

The government has not divested the stocks noting the plummet of BNI stock price from the divestment price level in 2007 by IDR2,050.

President Director of Bank Mandiri Agus DW Mar-to-war-dojo said the company plans to have rights issue in semester II/2010 by divesting 7-8 percent shares in a bid to increase public share ownership up to 40 percent at minimum.

He got positive responses from shareholders so that the public shares ownership could reach 40 percent.

"We welcome whether the divestment or rights issue that could make Bank Mandiri 40 percent stocks possessed by public as from the current 33 percent. If it could be 40 percent, we could receive tax incentive," he said.

With the tax incentive, it will boost up the state bank profits. He even felt optimistic to tap higher profits than the other major banks.

"Actually Bank Mandiri profit before tax is the largest of all banks. But, it is owing to the tax incentive given to other banks. So our profit after tax is lagged behind by the other banks. We only want that the public stock ownership could grow larger. In fact, the government has the same concern," he said.

He said the rights issue is included into the bank business plan (RBB). But the RBB fails to give detail of corporate action scheme.

"It is scheduled in semester II, but in our RBB it was not mentioned the fixed semester, but let's say in 2010," he said.

Agus said despite the divestment of 7-8 percent shares, the government still has major shares by 51 percent at least. He declined to mention the possible fund generated from the rights issue.

He also refuted to ensure whether the rights issue fund will be allotted for the capitalization or taken by the government as the income of the 2010 State Budget.

"We cannot mention the profit as the scenario is divestment or rights issue. If it is divestment, the proceeds will go to the state income post. But rights issue proceeds will go to the company. The most important is that public could own 40 percent shares. We don't have any priority on whether it is equity upsize or to be owned by the government," he said.

Mandiri projected the CAR at the level of 12-15 percent this year.

Besides, shareholder set the target to meet IDR6.9 trillion profits after booking above IDR6 trillion profits.

Agust ensures this year could be more than IDR6 trillion as supported by the corporate credit expansion. But the bank management remains reluctant to name the value.

"As the Minister (of state enterprise) had mentioned the profit, I said again it is IDR6 trillion. I wonder if I should mention IDR4.5 trillion figure in quarter III."

With such amount of profit, it includes the assumption of the government 2010 budget.

"It will create budget minimum in 2010. At the time, he (Minister)said (2009 profits) stood at IDr6 trillion but in 2010 it could call for IDR6.9 trillion," he said.

Mandiri got incentive from the government with 5 tax haircut as from 30 percent given the fact that its 40 percent shares are owned by public. This encourages Bank Mandiri to increase the shares possession of public so as to get tax incentive.

Agus was optimistic to get higher than the other banks in terms of tax incentive.

"Actually Bank Mandiri profit before tax among the other banks is deemed the largest. But, as other banks received tax incentives, our profit after tax becomes less than the other banks," he said.

Yesterday the stock price of Bank Mandiri grew stronger by 1.16 percent into IDR4,375 as from IDR4,325 on previous day. The market capitalization is worth IDR91.74 trillion.

Meanwhile, BNI stock price rose 2.25 percent into IDR1,820 if compared from IDR1,780 previously. The market capitalization thus stood at IDR37.79 trillion.

BNI stock price in 2009 once hit the lowest on March 3, 2010 worth IDR640 and hit the highest at IDR2,150 on October 1. (Bisnis/iaa/hta/mts/wiw/mmh)

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