· The House of Representatives has asked the target from the BNI and Mandiri rights issue to be increased to Rp25.00tn. Initially BNI (BBNI, Rp3,475) has targeted to raise Rp9.00tn while Mandiri targets to obtain Rp13.00-14.00tn.
· Mandiri is still waiting for the approval from the House, so that the rights issue can be held before December 13, 2010 . 2.36bn new shares will be issued by Mandiri where each old share will have the right to purchase 8.5-9 new shares. Target price has not been set, however the company hopes that market price during the rights issue will be around Rp6,300-Rp6,700.
· The consortium of Mandiri Sekuritas and Danareksa Sekuritas has appointed Merril Lynch and Deutsche Bank as joint global coordinator, while book runners will be Citigroup and CLSA.
· BMRI is trading at 2011F PER consensus of 12.8x and PBV of 2.8x.
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