JAKARTA - PT Bank Tabungan Negara (Persero) Tbk (BBTN) or BTN is due to acquire majority shares in PT Permodalan Nasional Madani Investment Management (PNMIM). The acquisition plan has obtained shareholder approval in the company’s Annual General Meeting of Shareholders (AGM) at the BTN Tower, Central Jakarta on Friday (17/5).
“We will focus on things that, in terms of business, will drive the company’s performance growth and benefit the public as well as our shareholders,” said BTN CEO Maryono in a press conference after the AGM.
“Thus, we appreciate our shareholders for their approval for the management to run BTN’s businesses going forward by using part of our 2018 net profit for business development, including BTN’s corporate action to take over majority shares in PNMIM.”
In April BTN signed a Conditional Shares Purchase Agreement (CSPA) as the first stage to acquiring PNMIM shares. Currently, the transaction to purchase a 30% stake in PNMIM valued at Rp 114.3 billion is awaiting approval from the Financial Services Authority (OJK).
“We hope the OJK will grant its approval by June 2019 so we can proceed to the next stage in order to increase our stake to around 85%,” Mr Maryono added.
Furthermore, Mr Maryono explained that in accordance with the company’s Bank Business Plan for 2019-2021 BTN plans to own an investment management subsidiary in order to gain more non-interest income and prepare the management of Housing Savings. (MS)