PT Bank Maspion Indonesia Tbk (BMAS) expects to increase core capital to Rp1 trillion (US$100 million) and to reduce cost, as it enters the capital market through initial public offering (IPO). Affiliated with family-controlled Maspion Group, the bank targets to have overhead cost reduced to 1.5% within the next 10 years, from currently 3%.
The financial arm of the group also believes to give share premium and dividend at least 40% within 5 years, or annual growth 8% in average. Started listing on July 11, 2013, its BMAS-coded stock was offered at Rp320 per share, raising Rp246.4 billion from the capital market for credit expansion.
Source: Founder Maspion Group, Commissioner Alim Markus after debut stock trading ceremony in Jakarta July 11, 2013