BBNI - Will divest BSI shares

BBNI - Will divest BSI shares Bank Negara Indonesia (BBNI) is reportedly going to leave Bank Syariah Indonesia (BRIS) by releasing shares or divesting BRIS shares to investors. This action was carried out for expansion capital. Responding to this, Bank BNI Corporate Secretary Okki Rushartomo Budiprabowo explained to the stock exchange that BNI, as one of the controlling shareholders of Bank Syariah Indonesia, is always committed to contributing to the development of the company and the sharia industry, including through the implementation of corporate actions. Previously, BNI President and Director Royke Tumilaar said that BNI would release BRIS shares in stages. BNI will still maintain ownership of BRIS shares, but not as large as currently. (Source : Kontan) Comment : Assuming BBNI will no longer owned BRIS shares, we believe it would not significantly impact to the overall bank performance. The increasing capital post divesting BRIS shares become as the additional catalyst. Maintain BUY, GGM TP of IDR6,530, pegged at 1.4x ‘24F P/B.