Astra stake in Bank Universal falls<\/p>\n
JAKARTA (JP): The stake held by automotive giant PT Astra
\nInternational in Bank Universal has declined to 11.5 percent from
\n84 percent following the bank's recent rights issue.<\/p>\n
The bank president, Stephen Satyahadi, said here on Monday
\nthat the government became the majority shareholder with a 78.91
\npercent stake, while the public holds the other 9.57 percent.<\/p>\n
Stephen said Bank Universal issued rights shares to raise a
\ntotal of Rp 5.06 trillion to finance its recapitalization
\nprogram. About 20 percent of the rights shares were bought by
\nAstra and the investing public.<\/p>\n
\"The bank raised about Rp 490 billion in fresh funds from
\nAstra and another Rp 475 billion from the investing public,\"
\nStephen said.<\/p>\n
The other 80 percent of the rights shares went to the
\ngovernment in return for its bonds, which were issued in June to
\nfinance the recapitalization.<\/p>\n
The Bank Universal rights issue -- completed on June 2 -- was
\npart of the government-sponsored recapitalization program in its
\nefforts to restructure the ailing domestic banking sector.<\/p>\n
Under the recapitalization program, Bank Universal should
\ninject funds worth Rp 5.06 trillion to increase its capital
\nadequacy ratio (CAR) -- the ratio between capital and risk
\nweighed assets -- to 4 percent.<\/p>\n
The bank's existing shareholders must come up with at least 20
\npercent of the capital requirement. The government provided the
\nremaining 80 percent in the form of bonds, which are tradable
\nafter a year of their issuance.<\/p>\n
Stephen said the bank is still open to other interested
\nparties, including foreign investors.<\/p>\n
\"Foreign investor would go for a majority shareholding
\nposition if they were to buy a stake in our bank, because they
\nwant their presence in the bank to be acknowledged,\" the bank's
\nvice president, Jerry Ng, suggested.<\/p>\n
The foreign investors should take the government's stake, and
\nnot buy out other shareholders, he added. (udi)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/astra-stake-in-bank-universal-falls-1447893297",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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