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Bank Jatim to float its shares in July
JAKARTA: Bank Pembangunan Daerah Jawa Timur (Bank Jatim) plans to sell a portion of the company’s shares to the public in June this year to strengthen its financing capacity
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AKARTA: Bank Pembangunan Daerah Jawa Timur (Bank Jatim) plans to sell a portion of the company’s shares to the public in June this year to strengthen its financing capacity.
The bank’s head of the corporate division, Revi Adianan Silawati, said in Jakarta on Friday the bank would hold an initial public offering (IPO) between June 7 and 17 to sell the shares to the public. The bank’s shares would be then listed on the Indonesian Stock Exchange (IDX) on July 10.
“Bank Jatim will off-load about 20 to 25 percent of its enlarged shares, about 3 million shares in total. The company has appointed Bahana Securities and Mandiri Sekuritas to be the underwriters for the IPO,” Revi said after the company’s presentation before the directors of the IDX on Friday.
Revi said the bank would use about 80 percent of the funds gained from the IPO to boost its lending.
Revi revealed that the bank reaped Rp 2.8 trillion in interest income last year, with operational profits standing at Rp 1.2 trillion and net profits at Rp 900 billion.
