BMRI and BBRI rights issue plans approved by parliament
BMRI finally obtained its rights issue plan approval from Parliament last week. Parliament accepted BMRI rights issue proposal of 2.3mn shares, which will dilute Government stake to 60%. With this, Parliament hopes BMRI could utilize the estimated rights issue proceed of Rp 12tr to expand loans in industrial, manufacturing, utilities sectors and obtain target to be one of top five ASEAN banks. Similarly, Parliament also approved BBNI rights issue plan of 3.3 bn shares which will bring free float to 40%, employee-management stock allocation to 2.5% and Government stake of about 57.5%. BBNI estimates to gather proceed of Rp 10 trilion. Bank Indonesia and Ministry of SOEs will then process the rights issue plans for BMRI and BBNI with estimated timeline before year end. However, both banks will have different execution date with estimated interval of one month to avoid disruption of market liquidity.
Tampilkan postingan dengan label 100; BBRI IJ. Tampilkan semua postingan
Tampilkan postingan dengan label 100; BBRI IJ. Tampilkan semua postingan
Selasa, 28 September 2010
Minggu, 19 September 2010
DBS Bank Rakyat Indonesia: Buy; Rp10,700; TP Rp11,100; BBRI IJ
Reiterating interest on acquiring Bank Bukopin (BBKP) and stock split plan
BBRI’s CEO, Sofyan Basir, confirmed the bank’s interest on acquiring Bank Bukopin (BBKP) and estimated that the process will be finalized next year. BBRI stated that it is viewing BBKP acquisition as a long-term strategy to expand business as opposed to Jamsostek, who views BBKP as a short to medium investment target. On another remark, BBRI also confirmed about stock split plan with ratio 1:2 or 1:4 with exercise price assumption of Rp10,200/share. BBRI will seek shareholders’ approval on BBKP acquisition and stock split agenda in EGM in November 2010.
BBRI’s CEO, Sofyan Basir, confirmed the bank’s interest on acquiring Bank Bukopin (BBKP) and estimated that the process will be finalized next year. BBRI stated that it is viewing BBKP acquisition as a long-term strategy to expand business as opposed to Jamsostek, who views BBKP as a short to medium investment target. On another remark, BBRI also confirmed about stock split plan with ratio 1:2 or 1:4 with exercise price assumption of Rp10,200/share. BBRI will seek shareholders’ approval on BBKP acquisition and stock split agenda in EGM in November 2010.
Rabu, 25 Agustus 2010
DBS Bank Rakyat Indonesia: Buy; Rp9,550; TP Rp11,100; BBRI IJ
Stock split plan and expansion in wet market in the pipeline
BBRI’s CEO, Sofyan Basir, stated that the bank plans to do the stock split if the share price reach Rp10,000/share by the end of this year. Basir reaffirmed the plan to increase the liquidity with ratio 1:2 or 1:4. The decision is pending the approval of shareholders at EGM that will be held to obtain the approval on AGRO acquisition plan.
On another remark, Basir stated that BBRI is seriously expanding the business to wet-market by opening additional 400 unit of Teras BRI (BRI terrace) from exisiting 217 units since its first rollout in March 2009. By the end of 1H10, Teras BRI has raised Rp135.41bn of third party funds and disbursed credit of Rp333.61bn. This strategic plan has raised the bar for banks that compete in wet market mainly BDMN.
BBRI’s CEO, Sofyan Basir, stated that the bank plans to do the stock split if the share price reach Rp10,000/share by the end of this year. Basir reaffirmed the plan to increase the liquidity with ratio 1:2 or 1:4. The decision is pending the approval of shareholders at EGM that will be held to obtain the approval on AGRO acquisition plan.
On another remark, Basir stated that BBRI is seriously expanding the business to wet-market by opening additional 400 unit of Teras BRI (BRI terrace) from exisiting 217 units since its first rollout in March 2009. By the end of 1H10, Teras BRI has raised Rp135.41bn of third party funds and disbursed credit of Rp333.61bn. This strategic plan has raised the bar for banks that compete in wet market mainly BDMN.
DBS Bank Rakyat Indonesia: Buy; Rp9,600; TP Rp11,100; BBRI IJ
AGRO acquisition reaching finalization stage
BBRI has signed an acquisition agreement with PT Bank Agroniaga (AGRO) regarding acquisition of 88.65% AGRO stocks at an exchange price of Rp132/share on August 19, 2010. The acquisition cost of Rp400bn would involve BBRI acquiring 3.03tr shares of AGRO. BBRI will takeover 76% shares of Plantation Pension Fund (Dana Pensiunan Perkebunan). However, AGRO still has warrant obligation with offering period 13 May 2010-13 Mei 2011, BBRI ownership may be diluted from warrant execution. Based on the acquisition contract, BBRI will sell its stake on AGRO should the ownership is still above 76% after warrant execution. BBRI and AGRO will propose the acquisition plan to Bank Indonesia and will hold tender offer to public after obtaining approval from BI and current shareholders.
BBRI has signed an acquisition agreement with PT Bank Agroniaga (AGRO) regarding acquisition of 88.65% AGRO stocks at an exchange price of Rp132/share on August 19, 2010. The acquisition cost of Rp400bn would involve BBRI acquiring 3.03tr shares of AGRO. BBRI will takeover 76% shares of Plantation Pension Fund (Dana Pensiunan Perkebunan). However, AGRO still has warrant obligation with offering period 13 May 2010-13 Mei 2011, BBRI ownership may be diluted from warrant execution. Based on the acquisition contract, BBRI will sell its stake on AGRO should the ownership is still above 76% after warrant execution. BBRI and AGRO will propose the acquisition plan to Bank Indonesia and will hold tender offer to public after obtaining approval from BI and current shareholders.
Rabu, 11 Agustus 2010
DBS Bank Rakyat Indonesia: Buy; Rp9,550; TP Rp11,100; BBRI IJ
Intensifying banking services in Ramadhan
Bank Rakyat Indonesia recorded an increase in remittance transactions from Indonesian migrant workers during the last two months approaching Ramadhan. Up to end of June, BBRI remittance business has reach record amount of IDR 1.3t with major sources from migrant workers in Saudi Arabia and Malaysia . BBRI hopes to secure IDR 2 - 3t from remittance which represent 67% growth from last year achievement of IDR 1.8t. SME loans are also seeing double-digit growth of 20-22% equivalent with total credit of IDR 2 tr. Many SMEs are intensifying their businesses during fasting month up to end of the year. In anticipation of holiday weeks, BBRI has topped up cash of additional IDR 13.6tr, up 20% from last year sum. BBRI anticipated total cash required for this month is IDR 28.6tr, thus BBRI plans to deploy more ATMs to reach 5,100 units until mid of September 2010.
Bank Rakyat Indonesia recorded an increase in remittance transactions from Indonesian migrant workers during the last two months approaching Ramadhan. Up to end of June, BBRI remittance business has reach record amount of IDR 1.3t with major sources from migrant workers in Saudi Arabia and Malaysia . BBRI hopes to secure IDR 2 - 3t from remittance which represent 67% growth from last year achievement of IDR 1.8t. SME loans are also seeing double-digit growth of 20-22% equivalent with total credit of IDR 2 tr. Many SMEs are intensifying their businesses during fasting month up to end of the year. In anticipation of holiday weeks, BBRI has topped up cash of additional IDR 13.6tr, up 20% from last year sum. BBRI anticipated total cash required for this month is IDR 28.6tr, thus BBRI plans to deploy more ATMs to reach 5,100 units until mid of September 2010.
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