· Bank Bukopin has appointed financial advisor to support the bank’s plan to increase its capital through right issue this year. The bank expects to increase the issuance to more than 30% stated earlier. Bukopin has not given further detail regarding the stand by buyer, considering Bank Rakyat Indonesia (BBRI, Rp10,200) has stated its interest to acquire Bukopin.
· BRI aims to acquire 51% of Bukopin and sees no obstacles despite Bukopin’s plan to conduct right issue.
· Separately, Bukopin expects additional capital from the issuance in order to support the bank’s loans expansion target.
· BBKP is trading at 2011F consensus PER of 8.8x and PBV of 1.4x.
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