Government divests Mandiri stake

Indonesian government sells a 10% stake in the country''s largest financial institution, Bank Mandiri.

A two billion share offering in PT Bank Mandiri was completed yesterday Thursday raising $339 million at a relatively tight 3.3% discount to spot. The deal was marketed on a range of Rp1,400 to Rp1,475, representing a 6.1% to 1.6% discount to the stock's Rp1,500 close on Wednesday.

Despite difficult global equity markets, lead managers Danareksa and UBS were able to build a healthy enough order book to sustain pricing at Rp1,450, which represents an even slimmer 1.2%...

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