Qatar National Bank to Act as Stand-by Buyer for Bank Kesawan Rights Issue

Indonesia Finance

Friday, 01 October 2010 07:26

Theindonesiatoday.com -- PT Bank Kesawan Tbk said it will launch rights issue to strengthen its capital structure, with Qatar National Bank (QNB) acting as stand-by buyer.

Bank Kesawan will offer 2.935 billion of new shares through rights issue scheme at a price of Rp250 per share, or value at Rp750 billion.

Currently, PT Adhi Tirta Mustika holds 51.22 percent shares in Bank Kesawan, while PT Mallomo owns 18.37 percent. The remaining 30.41 percent shares are held by public investors at below 5 percent each.

Bank Kesawan said if existing shareholders declined to exercise their rights, QNB will become majority shareholder of Bank Kesawan. Assuming that existing shareholders would not exercise their rights, Qatar National Bank would hold 82.41 percent of Bank Kesawan shares, PT Adhi Tirta Mustika ownership will dilute to 9.01 pecent, PT Mallomo holding will also decline to 3.23 percent and the public with 5.35 percent.

QNB is 50 percent owned by Qatar government and the remaining 50 percent is owned by public.

Bank Kesawan will hold shareholders meeting on Nov.16 to secure approval from shareholders over the acquisition scheme, and Dec 27 to get approval on the rights issue plan. It also expects to obtain approval from Bank Indonesia over the acquisition plan through rights issue scheme by Dec 21.

(roffie@theindonesiatoday.com)

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