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Economy in brief: CIMB Niaga meets IDX’s free float rule
Private lender CIMB Niaga announced on Friday that it had fulfilled the free float requirement imposed by the Indonesia Stock Exchange (IDX) as it had released a 7
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rivate lender CIMB Niaga announced on Friday that it had fulfilled the free float requirement imposed by the Indonesia Stock Exchange (IDX) as it had released a 7.5 percent stake to the public.
The requirement stipulates that all publicly listed firms must release a minimum 7.5 percent of its enlarged shares to the public within 24 months after it was issued in 2014. The purpose is to increase trading activities, especially among retail investors.
Prior to the regulation issuance, CIMB Niaga’s public shares only amounted to 2.1 percent. Tigor Siahaan, the bank’s president director, said in a statement that its parent company, the CIMB Group — a Malaysian financial conglomerate — had transferred 5.4 percent of its shares to the public.
Following the transfer, the CIMB Group now controls 92.5 percent of its shares, including a stake owned through PT Commerce Kapital. The bank is listed under the “BNGA” ticker code at the IDX.
