BNI: Government to sell 10%?
Minister of State Owned Enterprises was quoted by a media saying that the government is planning to sell 10% stake (including 3% greenshoe) at Bank Negara Indonesia through strategic sale.
The strategic sale is being assessed by privatization committee at the moment.
According to the media, the main purpose is to improve good corporate governance of the bank.
The minister was reported as saying that the price offered will be Rp2,050, the same as that at the time of second offering in August 2007 as it refers to the sale of greenshoe shares. At the moment there is estimated 473.89 shares in the form of greenshoe options, equivalent to 3.1% of issued shares.
The privatization, if materializes, will increase free float, and hopefully shares liquidity. However, given the current price, we see very small likelihood for the sale to take place at Rp2,050.
At current price of Rp700, BNI is trading at 0.7x latest book value
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