indonesia-launches-bank-negara-share-sale

Indonesia launches Bank Negara share sale

The Indonesian bank is marketing an equity placement of up to $1.03 billion which could boost the free-float to about 27%.

By Anette Jönsson

July 24, 2007

PT Bank Negara Indonesia yesterday started a week of marketing for a share sale that could see the government cut its stake in the lender to about 73%. It currently holds 99% of the shares. It will also allow international investors to gain exposure to one of the largest banks in the country at a time when the economy is growing rapidly.

The Ministry of State-Owned Enterprises is looking to sell about 3.48 billion existing shares at a price between Rp2,050 and Rp2,700, which could see it raise up to Rp9.38 trillion $1.03 billion. The price range is very wide to allow the top end of the range to include the level where the...

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