IF Services Netherlands BV Likely to Hold 24 Percent Stake in Bank Eksekutif

Indonesia Finance

Monday, 28 June 2010 18:26

IF Services Netherlands BV, a Dutch-based investment firm, is likely to hold 24 percent in PT Bank Eksekutif Tbk (BEKS) as it was also assigned as co-stand-by buyer for the rights issue of the bank. The main stand-by buyer is securities firm PT Recapital Securities, with maximum 61.7 percent potential stakeholding.

Bank Eksekutif plans to issue about 5.12 billion pre-emptive rights with offered price of Rp 100 per share, or Rp 512.25 billion in total. Each shareholder who holds old share is entitled to buy six pre-emptive rights. The size of rights issue represents 85.71 percent of total company's shares.

Bank Eksekutif said in a prospectus published on Monday that the main shareholder, Widjaja family, will not absorb the rights issue. The bank stated that after the rights issue, the stakeholding of Lunardi Widjaja will be cut to only 7.24 percent, from current 50.66 percent while Lusiana Widjaja's stake will be reduced to 2.1 percent from current 14.48 percent.

The public investors also have potential stake dilution, from current 20.74 percent to 2.96 percent.

The bank said 84 percent of total rights issue proceeds will be used for working capital aiming to boost lending.

The listing of pre-emptive rights at stock exchange is scheduled for July 14.

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