Go Finance Reporting - Government Shares in PT Bank Negara Indonesia Tbk (BNI) is released by issuing restricted shares (rights issue), yesterday, was executed in the price Rp3.400.
Recorded sales price of new shares in market negotiations and regular market trading on Friday (12/10/2010) has recorded 300 (9.67 percent) above the price determination of the rights issue amounting Rp3.100 BNI. Execution of 2,472,207,500 (16.35 percent) shares of BNI are comprised of 13.25 percent and 3.1 percent share Greenshoe rights.
Indonesia Stock Exchange (IDX) notes, the purchase is a local investor who absorbed 1.451 billion shares (9.59 percent) and two foreign investors who absorbed 1.021 billion shares (6.76 percent) or Rp3, 42 trillion.
The average foreign investors buy shares of BNI at the price of USD 3400 per share. Transactions are conducted by foreign investors was done either on the market and regular market negotiation. Foreign investors net purchases (net buy) as much as Rp3, 439 trillion in market shares of BNI negotiation and net sales (net sell) Rp11, 75 billion in the regular market.
PT Bahana Securities as the standby buyer (standby buyer) in this corporate action to absorb the equivalent of 2,977,267 lots or 1,488,633,500 shares. The total value of purchases of shares of BNI by Bahana Rp5, 064 trillion in both the regular market and market negotiation. Bahana had taken off the market shares of BNI in negotiations as much as 4,944,615 shares worth Rp 8 lots, 4 trillion and a total of 32,750 lots in the regular market value of USD 63.664 billion.
Buyers in the market one is negotiating a purchase 1,977,766 UBS Securities, equivalent lots 988.883 million shares. Transactions are executed in the price Rp3.400 with a total transaction value of Rp 3, 3 trillion. As a result of these transactions, BNI shares yesterday fell to Rp150 (3.64 percent) to Rp3.975.
"The decline in the fair. Therefore, the execution is below market price so there is a price adjustment, "said analyst with UOB Kay Hian Securities in Jakarta Goeryadi Gema Merdeka.
The exercise price rights issue was 9.6 percent above the rights issue price of ditetapkan.Namun, when compared with the price of BNI shares trade on Thursday (12/09/2010) at Rp4.125, the exercise price is still 17.57 percent lower . Therefore, BNI shares were corrected.
According Gema, correction of BNI shares will continue to estimate the level of support at 3600 and resistance 3700. "Therefore, for short-term investors should take action to sell then buy back when prices had broken through the limits of support," said Gema.
Meanwhile, PT Bhakti Securities head of research Edwin Sebayang estimates, the BNI stock prices until the end of this year could penetrate above Rp4.300. Because, BNI is still room to improve performance with the additional capital from the rights issue yesterday.
Additional funds could be used to expand the company as well as providing credit to customers. "Before the rights issue, a target price of BNI can pass Rp4.300. However, this figure will increase until the end of the year as the outlook for the next BNI good, "he explained.
Previously, BNI President Director Gatot M Suwondo said that the rights issue will increase the company's core capital to 16-17 percent of the position as at 30 September 2010 amounted to 10.2 percent.
The fund raised from the rights issue will be used for additional capital. This is so that future capital adequacy ratio (capital adequacy ratio) BNI is expected to increase to 20 percent from the current position of 12.5 percent. (GoFinance)
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