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Bank Pundi eyes Rp 619 billion from rights issue
(Kontan/Baihaki)Bank Pundi, a private lender controlled by Rosan P
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(Kontan/Baihaki) (Kontan/Baihaki)
(Kontan/Baihaki)
Bank Pundi, a private lender controlled by Rosan P. Roeslani, whose cooperation with Nathaniel Rothschild in Berau Coal turned sour in 2013, will likely receive Rp 619.49 billion (US$ 45.26 million) for a 20.54 percent stake to be sold to the province of Banten.
The Financial Services Authority (OJK) has confirmed the transaction. Province-owned PT Banten Global Development (BGD) plans to acquire a 50 percent stake in Bank Pundi as a part of a long-term effort to own a regional development bank (BPD).
'There is a deal between Banten Global and Pundi. It is now in the due diligence process. Their wish is to get closer to making this a reality,' said OJK commissioner for banking supervision Nelson Tampubolon, as quoted by Kontan.co.id on Monday.
According to a statement released by BGD, the plan to establish BPD Banten was initiated in 2013 through Regulation number 5/2013.
Banten province'now led by former actor Rano Karno'targeted to have the bank settled by February 2016. The share purchase agreement would be conducted through a right issue.
According to the prospectus document filed to the bourse authority on Oct. 23, Bank Pundi would issue a maximum of 2.75 billion of new shares, equal to 25.82 percent of its outstanding shares.
Referring to the offer price at Rp 200-Rp 225 per shares, BGD would need at least Rp 619.49 billion to fully buy it. The offer price reflects Bank Pundi's price to book value (PBV) at 3.2-3.6 times, above the banking industry's average PBV of 2-3 times.
It is bank Pundi's second attempt to find a new investor, after MNC Bank scrapped a deal signed on April 1. Bank Pundi commissioner Paulus Wiranata declined to comment on the deal. 'Not now, please,' he said.
As of Nov. 23, Recapital controlled 67.85 percent of shares in the bank, IF Services Netherlands BV held 13.34 percent, followed by Pershing LLC (10.71 percent). The remainder of 8.1 is owned by the public. (ags)(+)
