Placement portion of BTN’s rights issue raises $154 million

Indonesia’s Bank Tabungan Negara sets the rights issue price at a 17.4% discount to Terp and prices the placement at a 9% discount for a total deal size of $195 million.
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An advert for one of BTN's Islamic products
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<div style="text-align: left;"> An advert for one of BTN's Islamic products </div>

The placement of the Indonesian government’s 71.85% entitlement in Bank Tabungan Negara’s BTN pending rights issue has raised Rp1.478 trillion $154 million for the bank and the government after being priced at a premium to the rights offering.

The placement, which closed on Wednesday last week after eight days of bookbuilding, was priced at Rp1,360 per share, which sources say represents a 9% discount to the theoretical ex-rights price Terp.

The bank has also set the price for the fully underwritten rights issue at Rp1,235 per share, which will see it raise $55 million from minority shareholders. Including the proceeds from the government’s entitlement, it will...

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