PPA to sell 18% of its shares in BTPN

The Jakarta Post ,  Jakarta   |  Fri, 10/13/2006 10:14 AM  |  Business

JAKARTA: The state-sponsored Asset Management Company (PPA) officially launched a competitive tender Thursday to sell up to 18 percent of its stake in Bank Tabungan Pensiunan Nasional (BTPN).

The PPA, which manages state holdings in banks taken over during the 1997 Asian financial crisis, has appointed local firm Bahana Securities as the underwriter and German-based Deutsche Bank AG as the financial advisors for the sales.

Currently, the government controls the majority of BTPN's shares with a 28.39 percent stake, while the other shareholders include PT Rifan Financindo Advisory, which has a 22.61 percent stake, businessman Fuad Hasan Masyhur (20 percent), PT Danatama Makmur (19 percent) and PT Bakrie Capital Indonesia (10 percent).

As of the end of 2005, BTPN had total assets of Rp. 4.48 trillion (US$486 million), with total equity of Rp 741 billion. Currently, the bank has 28 branch offices around the country. -JP

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