BTN kicks off IDX trading

State-owned bank PT Bank Tabungan Negara (BBTN) Tbk kicks off trading of its stocks on Indonesia Stock Exchange (IDX) on Thursday, December 17. The IPO price is Rp800. BTN raises Rp1.888 trillion from the IPO. This is also the biggest privatization this year.

After years of on-and-off, BTN will finally float 8.62 billion shares on IDX. Government of Indonesia will still the majority owner with 72.6%. At Rp800 per share, BTN is valued Rp6.898 trillion or about US$726 million. The stock, BBTN, will be 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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