Modern Bank's primary offering

Modern Bank's primary offering

JAKARTA (JP): PT Lippo Securities announced over the weekend
that PT Modern Bank's primary offering of 20 million shares on
June 13-15 was oversubscribed.

"The allotment for foreign investors (49 percent) was
oversubscribed by 120 percent and for domestic investors by 80
percent," Lippo Securities, the managing underwriter of the
offering, said.

The shares, to be listed on the Jakarta Stock Exchange on July
6, were sold at Rp 2,050 (US$0.94) apiece.

The bank will use the fresh funds from the share offering to
expand its service networks and information technology, to
replenish its lending sources and to develop human resources in
cooperation with Sanwa Research Institite.

The bank projects its net profits this year at Rp 21.1
billion, up 185 percent from Rp 7.4 billion last year. During the
first five months of this year, the bank grossed Rp 9 billion in
before-tax earnings. (yns)