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Malayan Banking - Sale of another 9.3% stake in BII Hold Author: kiasutrader | Publish date: Tue, 26 Nov 11:07 - Malayan Banking (Maybank) announced another sale of stake of its Indonesian subsidiary, PT Bank Internasional Indonesia Tbk (BII) yesterday. Maybank had disposed of 5,675.04mil ordinary shares in BII (representing approximately 9.3% of the issued and paid-up share capital of BII) to a third-party investor. The disposal was completed on 22 November 2013. - Maybank further announced that it had entered into a commercial arrangement, in which the economic exposure resulting from the disposal will be retained. Hence, the disposal will not have any material financial impact on the group. - With the completion of the disposal, the free float of BII shares has increased from ~11.7% to 20% of the issued and paid-up share capital of BII. The disposal was undertaken to ensure compliance with the Otoritas Jasa Keuangan (OJK)'s mandatory sell down requirement under the OJK Regulation No. IX.H.1 in respect to Maybank's acquisition of BII in 2008. Maybank said that the group is now in full compliance with the Sell Down Requirement, which requires BII to have 20% public float. This implies that Maybank now holds 80% stake in BII. - Again, there were no further details on the sale price or the commercial arrangement. BII’s share price closed at Rp320 yesterday. - The arrangement - in terms of economic interest - appears to be similar to the first transaction earlier in June 2013. At that time, Maybank announced that it had disposed of 5,065.38mil ordinary shares in BII, representing approximately 9% of the issued and paid-up share capital of BII, to a third-party investor. BII was last traded at Rp355 on 20 June 2013, which was the date that Maybank announced the disposal. - We had earlier estimated Maybank’s average cost of BII - after the rights issue in July 2013 - at Rp434 (assuming without the inclusion of impairment provision of RM1.6bil made in FY09). If we are to factor in the impairment provision of RM1.6bil made in FY09, we estimate the average cost of BII shares now to be at Rp350 following the rights issue. - The latest transaction implies the sale was probably done below Maybank’s average cost. However, as per the arrangement from the first sale, we do not foresee any requirement for further impairment provision from the latest transaction. Maintain HOLD. http://klse.i3investor.com/blogs/amresearch/41964.jsp |
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| aus der Diskussion: | BOZA Bk Internasl Indonesia TBK WKN A0DKWX |
| Autor (Datum des Eintrages): | schunckt (26.11.13 10:34:34) |
| Beitrag: | 135 von 153 (ID:45919368) |
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