Bank Capital sold at 49% discount

Shareholder of Bank Capital offloaded 23.6% shares in the bank to unidentified buyer at 49% discount from the last quoted price.

About 1.07 billion shares were exchanged hands today at Rp46 per share or a total consideration of Rp49 billion. Bank Capital is a small bank controlled by Mr Danny Nugroho (21.7%), Indigo Investment Ltd (15.44%), Zen Gem Investments Ltd (14.34%), TFI (X) - TRA Ordinary (11.96%), First Financial Company Ltd (11.47%), Credit Suisse, Singapore (8.26%), and public (16.94%) before the transaction.

Bank Capital had total asset of Rp2.32 trillion as of Sept 30, 2009 with net equity of Rp501 billion. The bank reported net profit of Rp15.3 billion in nine months of 2009, increased slightly from Rp13.2 billion in the same period of 2008.

Why someone sold 23.6% shares at 41.8% of equity?

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