bank-danamon-shareholder-sells-60-million-of-stock

Bank Danamon shareholder sells $60 million of stock

The shares in the Indonesian bank change hands at three times the price of last month's rights issue. Meanwhile, Chinese carmaker Geely and its chairman attempt to raise a combined $142 million.

An unidentified institutional investor last night took advantage of the sharp spike in Bank Danamon Indonesia's share price to trim its stake in the bank, raising Rp619.4 billion $60 million. The sell-down, which accounted for about 1.95% of the company, comes just one month after the bank completed a $362 million rights issue that was extremely well received by existing investors.

Given the size of the institutional investor's stake, it is likely that it has been a shareholder for some time and consequently is also highly likely to have participated in the rights offering, which was done at a price of Rp1,200. Anyone who bought shares at that price has more than tripled its...

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