At the IDX roundtable today Bank Mandiri's CFO Pahala Mansury was quoted as saying that Mandiri is planning a Rp2.0tn rights issue in the second half of 2010.
Dissecting this for what really was meant to be said and implied:
1) There has been no new progress with parliamentary approval of a rights issue.
2) If there is a rights issue, it would be a minimum of Rp2.0tn and likely much higher, as a rights issue less than Rp8.0tn would not increase the free float over 40% to trigger the 5% tax break that Mandiri is aiming for.
The answer was in response to a question posed to Mandiri's CFO, it was not information that he disclosed of his own volition. This should have no impact on shares today in trading if interpreted as Pahala was implying.
It is evident that Mandiri wants to do a rights issue to dilute RI's ownership stake. That said, the bank believes approval may not occur until 2011. Meaning a sub debt offering of Rp 2.0-3.0tn is more than likely to occur in 2H10.
We maintain a buy rating on bank mandiri shares and tp of Rp5800.
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