JAKARTA - Sumitomo Mitsui Banking Corp (SMBC) as the majority shareholder of PT Bank BTPN Tbk (BTPN) is prepared to offload part of its stake in the latter to meet the free float requirement, which mandates at least 7.5% of public ownership.
According to BTPN Director of Compliance Dini Herdini, the company will increase its public ownership through the offloading of part of its majority shareholder’s stake instead of issuing new shares. Currently SMBC is still in talks with the Financial Services Authority (OJK) regarding the plan.
“SMBC is our majority shareholder, which currently owns a 97.34% stake and they will offload part of their shares to those interested,” said Ms Herdini at a press conference at the Indonesia Stock Exchange (IDX) Building, Monday (26/8).
Currently, SMBC owns a 97.34% stake BTPN, with public ownership recorded at 1.49%. The company also still keeps 1.17% of treasury stock. (MS)