PT Bank Sinarmas plans to sell new shares in an initial public offering (IPO) next month or in December. The company may raise IDR370 billion from selling as much as a 30 percent stake.
Indonesia Stock Exchange (IDX) was gave pre-listing approval for PT Bank Sinarmas which plans to sell 40% of its stock to the public through an IPO.
Formerly, the Sinarmas Group's banking business lines plans to conduct IPO in July this year, but it has to be postponed until third quarter of 2010 due to the technical preparations relating to banking regulations.
Sinarmas Group has a subsidiary operating in the field of financial services such as insurance, banks, and multifinance business incorporated in PT Sinar Mas Multiartha Tbk. The value of this company's assets reached US$2 billion with a total of booked net income as much as US$71 million.
In the period of 2006-2010, since Grup Sinarmas acquired Bank Shinta with a purchase value of IDR400 billion, the bank assets grew to reach IDR10 trillion. Looking ahead, the bank plans to focus on giving service for retail sector and leaving out the corporate sector.
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