Jamsostek to spend Rp 800b for Bukopin’s shares

JAKARTA: Jamsostek has reached an initial agreement with Bank Bukopin on its plan to buy the bank’s 30 percent stake, the state workers’ insurance company’s senior executive has said.

“Hopefully the acquisition process can be completed this year,” Jamsostek president director Hotbonar Sinaga told reporters in Jakarta on Wednesday.

He said he had met with Bukopin’s directors, stakeholders and commissioners to discuss the acquisition.

The company will pay between Rp 500 billion and Rp 800 billion for the bank’s 30 percent stake.

“We will take the capital from Jamsostek’s own funds,” he said.

Jamsostek said earlier it had agreed to be the standby buyer of right shares issued by the bank. — JP