BNI secondary bickering (offering)
Megawati administration launched the secondary offering program for Bank Negara Indonesia (BNI) Tbk in 2004. The program was suspended shortly after regime change in late 2004. But in January 29, 2005, BNI CEO Sigit Pramono announced the plan to revive the program, targetting for execution by June 2005. It's almost two years since then, but no clear timetable of when this administration would execute (or ever?).
In mid-February, Mr Pramono said the secondary offering of up to 30% shares would use similar underwriters like when BNI's IPO (JP Morgan and Danareksa Sekuritas) (As reporte by Tempointeraktif.com). In February 2004, actually government appointed JP Morgan and Bahana Securities as the underwriters for BNI secondary offering.
Late last month, Minister for SOEs Sugiharto said government was conducting open bidding to select underwriters for BNI. JP Morgan and Bahana might be upset, while competitors are happy to try their luck. But that's not the point.
"I'm confused with the overall situation. Do not use the selection of underwriters as the scapegoat to postpone the offering. Make decision or we're going nowhere, scoring no progress in the last two and half years. You can't make everybody happy, but that's exactly what our leaders do, keep trying to make everybody happy and end up with no decision," one analyst said.
Similar situation, chaotic process in underwriters selection, has been observed in the IPO of turnpike operator PT Jasa Marga.
How about the most likely schedule?
Well, second half would be the safest bet using first quarter 2007 financial report as the basis. Jasa Marga might get out first, but things might change if president SBY reshuffle his cabinet and replace Sugiharto.
READ MORE!!!
In mid-February, Mr Pramono said the secondary offering of up to 30% shares would use similar underwriters like when BNI's IPO (JP Morgan and Danareksa Sekuritas) (As reporte by Tempointeraktif.com). In February 2004, actually government appointed JP Morgan and Bahana Securities as the underwriters for BNI secondary offering.
Late last month, Minister for SOEs Sugiharto said government was conducting open bidding to select underwriters for BNI. JP Morgan and Bahana might be upset, while competitors are happy to try their luck. But that's not the point.
"I'm confused with the overall situation. Do not use the selection of underwriters as the scapegoat to postpone the offering. Make decision or we're going nowhere, scoring no progress in the last two and half years. You can't make everybody happy, but that's exactly what our leaders do, keep trying to make everybody happy and end up with no decision," one analyst said.
Similar situation, chaotic process in underwriters selection, has been observed in the IPO of turnpike operator PT Jasa Marga.
How about the most likely schedule?
Well, second half would be the safest bet using first quarter 2007 financial report as the basis. Jasa Marga might get out first, but things might change if president SBY reshuffle his cabinet and replace Sugiharto.
READ MORE!!!
posted by yosef at 1:27 AM
1 Comments:
Jasa Marga looks attractive, although there are various parties try to buy its assets which may diminish the attraction.
For BNI46, the issue has always been who will buy it? The Bank has a long way to go to even match Bank Mandiri. I wonder what the government's price expectations are?
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