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BTN acquires 30% of PNM IM shares for Rp 114.3 billion

22 April 2019 03:15 PM  Company: PT. Bank Tabungan Negara (Persero) Tbk[BBTN]
Rp. 2,360  +30 (1.29%)

JAKARTA. PT Bank Tabungan Negara Tbk (BTN) began to realize the company's expansion target to expand its business range by buying a 30% stake in PNM Investment Management (PNM IM) for Rp. 114.3 billion.

The step was initiated by signing a Conditional Shares Purchase Agreement (CSPA) to buy shares of PT Permodalan Nasional Madani Investment Management (PNMIM) from PT Permodalan Nasional Madani (Persero) (PNM). This partnership action was also held as a form of synergy between State-Owned Enterprises (BUMN).

Managing Director of Bank BTN, Maryono, said that in the company's Business Plan (RBB), the company aims to have a subsidiary in the field of investment management.

"We want to expand the scope of our business, primarily to improve business performance and make Program Satu Juta Rumah successful," said Maryono at the signing of Conditional Shares Purchase Agreement between Bank BTN and PNM at the Ministry of BUMN Building in Jakarta, Monday (22/4).

Maryono explained that with the presence of the new subsidiary, it would be easier for the company to collect and provide long-term low-cost funds. With the option of raising cheaper funds more broadly, Bank BTN hopes to provide a more affordable housing finance scheme. (AM/AR)

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PT. Bank Tabungan Negara (Persero) Tbk [BBTN]   Rp. 2,360   +30 (1.29%)