Thursday, October 12, 2006

BTPN divestment

PT Perusahaan Pengelola Aset (PPA), a company established to manage remaining assets
of IBRA, starts to divest 18% shares in PT Bank Tabungan Pensiunan Nasional (BTPN) Tbk. PT Bahana Securities & PT Deutsche Securities Indonesia are financial advisors for the deal. BTPN has total asset of Rp4.31 trillion.

PPA, acting on behalf of GOI, controls 28.39% shares, followed by PT Recapital Advisors (22.61%), Fuad Hasan Masyhur (20%), Danatama Makmur (19%), and Bakrie Capital Indonesia (10%).
Previous owner of BTPN who surrenders BTPN shares to government/IBRA and the affiliate party are not allowed to participate in the deal. (Except nobody knows!)
The source of funds used to acquire BTPN shares shall not have orriginated from borrowing or other financing facilities in whatsoever form from banks or other parties in Indonesia. (You're encouraged to borrow from overseas banks or through fancy local-overseas-local channelling!!!!)

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