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Taspen to increase ownership in Bank Mandiri Taspen
State-owned pension insurance company, PT Taspen, is ready to buy all the rights shares to be issued by its subsidiary Bank Mandiri Taspen (Bank Mantap) to further increase its ownership in the bank
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tate-owned pension insurance company, PT Taspen, is ready to buy all the rights shares to be issued by its subsidiary Bank Mandiri Taspen (Bank Mantap) to further increase its ownership in the bank.
PT Taspen president director, Iqbal Latanro, said the company would buy all the shares if other shareholders would refrain from buying. “We are persuading the other shareholders not to exercise their rights to buy the new shares,” he said in Jakarta on Monday.
Taspen and Bank Mandiri are the majority shareholders of Bank Mantap, with 40 percent and 59.44 percent ownership respectively. Meanwhile, shareholder Made Putra Jandhana owns the remaining 0.56 percent.
PT Bank Mandiri Taspen plans to issue new shares worth Rp 500 billion this year to further strengthen its capital structure so that it can expand lending. The rights issue is scheduled to take place in May 2018.
In addition to Bank Mantap, Taspen also has two other subsidiaries, namely PT Taspen Properti Indonesia (Taspro) and PT Asuransi Jiwa Taspen, in which Taspen has 93 percent and 99.9 percent ownership respectively.
Iqbal said the company’s development of its subsidiaries was part of its strategy to expand its business.
Taspen booked Rp 721.73 billion (US$54.40 million) in net profit in 2017, a 192 percent increase from Rp 247.25 billion in 2016.
Iqbal said net profit was higher than the target of Rp 684 billion set for 2017. “It is almost triple the profit booked in 2016,” he said.
Iqbal attributed the sharp increase in profit to the increase in management fees for pension funds to 6.7 percent from 5 percent previously, in addition to profits from its subsidiaries Bank Mantap and Taspro, which respectively enjoyed a 498 percent and 27.43 percent increase in profits.
Taspen’s total assets increased by 16 percent to Rp 230.38 trillion in 2017 from Rp 198.62 trillion the previous year.
PT Bank Mandiri Taspen was the new name of PT Bank Mandiri Taspen Pos after state postal company PT Pos Indonesia’s 20 percent share in the lender was acquired by PT Taspen.
The change of the company’s name and logo had been approved at an extraordinary shareholders meeting and received a permit from the Financial Services Authority on Dec. 23, 2017.
PT Taspen general director Bagus Rumbogo said the acquisition was aimed at strengthening the capital of Bank Mandiri Taspen, which tailors its services to pensioners.
Bagus added the acquisition was a show of PT Taspen’s seriousness in strengthening the lender’s capital.
As of the end of 2017, PT Taspen has handed over Rp 80 billion to Bank Mandiri Taspen to further the expansion of the lender. (ami)
