Search This Bitch


Share |

Sunday, May 2, 2010

BTN eyes on rights issue

Friday, 30/04/2010 00:00 WIB

BTN eyes on rights issue

Irvin Avriano A.
Bisnis Indonesia

JAKARTA: PT Bank Tabungan Negara Tbk (BTN) prepares to have rights issue of 12.92 percent shares to boost up the capitalization.

Vice president director of BTN Evi Firmansyah said the divestment of 40 percent stocks to market has made the company get tax incentive.

"Each year we will have credit expansion by 27-30 percent. with such an assumption, the CAR by 2013 or 2014 will be about 13 percent and thus it should efforts to increase the capitalization ratio," she said yesterday.

The company will keep the CAR at the level of 30 percent at minimum. Evi refuted the possibility to issue subdebt as it requires high cost. "It is better to have rights issue with lower cost and we will be benefited by the tax incentive."

State Enterprise Ministry controls over 72.92 percent BTN shares and if 40 percent of the gloating shares are at market, the company will have 5 percent tax incentive.

Evi also said the company is preparing the spin off BTN sharia unit. The company now hold a tender for consultant to help prepare the spin off process.

She refuted the details of consultant in the bid but she conceded there are some names including Karim Business Consulting.

She said the spin off will be done if the BTN UUS asset has increased up to IDR3-4 trilion as from the current level of IDR2.6 trillion.

Director of BTN Saut Pardede unveiled the company offers premium coupon of XIV/2010 bonds worth IDR1.5 trillion by 75-175 basis point (bps) above the yield of the government bonds (SUN) FR0031.

"The fund tapped from the 10 years tenured bond issuance will be allotted for credit expansion and automatically for our bond refinancing which matures this year."

In the issuance, the company appointed three underwriters, namely PT Mandiri Sekuritas, PT Bahana Securities, and PT Indo Premier Securities.

He said if there is strong demand for bonds with appropriate coupon, the bond value could be increased up to IDR2 trillion.

Director of Indo Premier Shiantaraga said the coupon refers to the end of bookbuilding period May 14th. (Bisnis/iaa/mmh)



Bisnis Online Free Automatic Backlink Investing Blogs - BlogCatalog Blog Directory