Selasa, 09 November 2010

Mandiri's rights issue will be conducted in Q1/2011

by: Gita Arwana Cakti & Bambang P. Jatmiko
JAKARTA: The rights issue of PT Bank Mandiri Tbk is likely to be implemented in quarter I/2011.

Minister of State-Owned Enterprises (SOEs) Mustafa Abubakar admitted the ministry is currently still discussing the rights issue of the state bank and haven’t decided its implementation period. However, there is possibility that it can be implemented in quarter I/2010.

"There is no decision yet. It’s clear that the rights issue is postponed to 2011 because this year BNI is conducting a rights issue. We hope Bank Mandiri's rights issue can be implemented in quarter I/2011,” he said today.

Earlier, Finance Director of Bank Mandiri Pahala N. Mansyuri also expects the rights issue to be implemented in quarter I/2011. Yet, there is not yet certainty regarding the rights issue implementation until now.

Based on Bisnis's data, there are two state-owned banks proposing rights issue plans this year, i.e. Bank Mandiri and PT Bank Negara Indonesia Tbk (BNI).

BNI will issue 3.3 billion new shares with target fund of IDR9 trillion until IDR10 trillion while Bank Mandiri will issue 2.4 billion new shares with target fund of IDR10 trillion until IDR15 trillion.

However, the Ministry of SOEs finally agrees BNI to proceed with its rights issue plan this year as the state lender needs to maintain the capital adequacy ratio (CAR).

President Director of Bank Mandiri Zulkifli Zaini had received the Ministry of SOEs's decision letter confirming that BNI's rights issue plan will go by the end of this year.

He does not worry with the market absorption although Mandiri's rights issue to be conducted after BNI's. (T06/NOM)

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