BNI Planning Rights Issue of Rp4 Trillion
Wednesday, 24 January, 2007 | 12:23 WIB

TEMPO Interactive, Jakarta: PT Bank Negara Indonesia Tbk is planning to hold a restricted rights issue in the middle of this year.

According to a Tempo source, the bank is targeting the acquisition of funds amounting to Rp4 trillion from this corporate action.

“This amount will be used for increasing BNI's capitalization,” said the anonymous source.

However, Intan Abdams Katoppo, Corporate Secretary of BNI, stated that she could not yet explain anything about this.

“We cannot announce details regarding this plan to the public at the moment,” she said when Tempo contacted her by telephone yesterday (01/23).

Intan only stated that the funds will be fully used for increasing capitalization.

“We want as much funds as possible for capitalization needs,” she said.

Intan went on to say that the plan still needs to be agreed by the shareholders at an extraordinary general meeting of BNI shareholders (EGM) this May.

The scenario is that BNI's financial report of the first quarter of 2007 will be issued in March, so, the EGM can be held in May.

Therefore the rights issue can only be realized in June or at the end of the first half of 2007.

“The point is that the sooner it is held, the better,” said Intan.

If this rights issue can be held, she went on, BNI will no longer issue any subdebt to increase its capitalization this year.

“A subdebt issuance may be carried out next year (2008),” said Intan.

However, she did not confirm any plan to sell off BNI shares owned by the government (divestment), as “We want a right issue first.”

It was previously reported that BNI was one of the state-owned enterprises that the government would sell this year.

“(If there were to be) a secondary offering, it would be in order to meet the requirements of the State Budget,” said Intan.

WAHYUDIN FAHMI