BTPN to Hold Rights Issue in Meeting Free Float Requirements

By Editorial Team 17/08/2019
Summary

PT Bank BTPN Tbk plans to fulfill the minimum free float requirement in August 2019. According to Bank BTPN Compliance Director Dini Herdini, this was a consequence of the cash over after PT Bank Sumitomo Mitsui Indonesia (SMBCI) completed its merger with the company, acquiring 97,34 percent of the BTPN stock-coded company's shares. It means that public stock ownership is only 1.49 percent. SMBCI considered a corporate action in August 2019, divesting around 4 percent of its shares to the public.

The transaction is set to complete on August 18-19, 2019. “IDX set the deadline in September 2019, according to regulations, and will give six months to meet the free float. But, it will be done ahead of the target,” she said. Until now, according to Dini, it only needs signatures from several parties.

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