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BTN plans to sell 30% shares this year
Ika Krismantari , The Jakarta Post , Jakarta | Thu, 04/23/2009 2:52 PM | Business
State-run Bank Tabungan Negara (BTN) will conduct an initial public offering of shares in fourth quarter of this year, its president director said Thursday."We are currently studying the plan, starting from reevaluating our assets and selecting underwriters," BTN president director Iqbal Lantoro said on Thursday.
The state bank planned to use the proceeds from the IPO to strengthen the bank's capital, he said.
"We hope that we can secure more than the targeted Rp 1.5 trillion (US$135 million) from the IPO as the market condition is improving," he said.
Under the plan, the company is expecting to unload 30 percent of its stake to the public.
Currently, BTN is 100-percent owned by the government.
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