JAKARTA. PT Bank Tabungan Negara (Persero) Tbk (BBTN) or BTN is eyeing up to 85% stake in PT Permodalan Nasional Madani Investment Management (PNMIM), a subsidiary of PT Permodalan Nasional Madani (PNM), which will make the former a majority shareholder in PNMIM.
"We have obtained an approval to take over a maximum of 85% stake in PNMIM, and most importantly it's a majority stake," said BTN CEO Maryono at the BTN headquarters.
Mr Maryono explained that the acquisition will be done in three stages. In the first stages, BTN will acquire a 30% stake in PNMIM, which is targeted to be completed by June 2019. For this early stage, the company signed a Conditional Shares Purchase Agreement (CSPA) last month.
The acquisition plan has been approved by shareholders in the company's Annual General Meeting of Shareholders (AGM). BTN will invest up to Rp 114.3 billion for the early stage shares acquisition.
In the second stage, BTN will acquire another 30% stake in PNMIM, bringing its total ownership to 60%. BTN Finance Director Nixon L.P. Napitupulu said that the second stage of acquisition will be done before the end of 2019. (AM/MS)