Thursday, December 17, 2009

BTN gains 6.3% on first trading

The first hour trading of Bank Tabungan Negara (BBTN) stock on Indonesia Stock Exchange (IDX) gained 6.3%. The IPO price is Rp800. It surged Rp50 this morning.
Its peers opened mixed with BTPN, Bukopin, and BCA in higher grounds, while BNI, Bank CIMB Niaga, and BII declined 0.5%, 1.41%, and 2.82% respectively. Panin also lost 1.37%.
After years of on-and-off, BTN finally floats 8.62 billion shares on IDX. Government of Indonesia will still the majority owner with 72.6%. At IPO price Rp800 per share, BTN is valued Rp6.898 trillion or about US$726 million. The stock, BBTN, is traded on IDX main board.
BTN is the 10th largest bank Indonesia by asset. The bank has total asset of Rp48.7 trillion as of June 30, 2009. The bank generated net profit of Rp430 billion last year, increased modestly from Rp402 billion in 2007 and Rp364 billion in 2006. The bank reported net profit of Rp198 billion in the first half 2009.




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