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by Wahyu. Satriani
JAKARTA. MAKE MONEY BLOG$; Release plan Muamalat shares will not be realized this year. Muamalat shareholders decided to postpone the release of these shares, and will be continued next year. In fact, the process has entered the third stage of bidding.
There is a list of reasons that cause shareholders to delay the release of these shares. One of them, related to majority share ownership rules which will be launched by Bank Indonesia (BI) early fourth quarter this year. The rules are to be one consideration for potential investors who want to annex the first Islamic bank shares in Indonesia.
As information, Muamalat plans to release a total of 67% of its shares. "Say there are potential investors who can afford to buy Muamalat withprices that we offer, but there are limitations that would set the rules this year, so it is also a consideration of potential investors, "said Director of Bank Muamalat Arviyan Arifin, Jakarta, Monday (18 / 7).
Previously BI Governor Nasution had mentioned rules concerning restrictions on the majority of shares will be determined by the rate below 50%. That's why, until now no agreement between prospective investors and shareholders of Bank Muamalat.
In addition, the price is also one of the causes of the shares not yet sold Muamalat. Some potential investors assess the price offered is too expensive Muamalat. Arviyan say, shareholders offer price of U.S. $ 500 million for a total of 67% of shares to be released. A set price on Price to Book Value (PBV) 3.2 times.
"Book value per December 2010 we were about Rp 2 trillion. So Rp 2 trillion multiplied by three the result of Rp 6 trillion. Shares who wish to be removed about two thirds of the total shares. So two thirds of Rp 6 trillion, around Rp 4 trillion, or equal with U.S. $ 500 million, "said Arviyan.
The value of shares was judged reasonable. Therefore, high-performance Muamalat grow with total assets of Muamalat currently around Rp 24 trillion compared to the end of December 2010 which is around Rp 17 trillion. With these prices, many prospective investors who are killed at the time of bidding.
Nevertheless, there are potential investors who bid the stock price close to that offered by the shareholders of Bank Muamalat. The bids came in above U.S. $ 400 million. However, Arviyan reluctant to name the potential investors.
Previously, there were eight potential investors who are interested, including Bank Mandiri, Bank Permata, Qatar Islamic Bank, Standard Chartered Plc, Saratoga, The Group, ING Barings, and the Overseas Chinese Banking Corp. Entering the third offering, investors retreated local states, such as Bank Permata, Bank Mandiri and the Group.
Although delayed, but the shareholders of Bank Muamalat not decided to lower the price offered. "Depending on the agreement of shareholders," he added.
source: http://keuangan.kontan.co.id/
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