Bank Central Asia completes secondary offering

The bank has successfully launched the first international equity offering from Indonesia in over a year, the last deal being its own IPO of May 2000.

The Indonesian Bank Restructuring Agency IBRA sold down a further 10% of its stake in Bank Central Asia BCA last Friday in a Rp530 billion offering $47 million.

Led by Danareksa and Merrill Lynch, a 588.8 million share deal closed just over two times over-subscribed and was priced at Rp900, a slim 2.75% discount to Thursday's Rp925 close. By the end of the day, the stock was up to Rp950, its first rise in over a week.

The...

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