Oct 6, 2010

IDX approves Bank Sinarmas IPO

Indonesia Stock Exchange (IDX) today gave pre-listing approval for PT Bank Sinarmas which plans to sell 40% of its stock to the public through an initial public offering (IPO).
Director of Corporate Valuation Eddy Sugito said that IDX had given initial approval to two companies that will listed their stocks in the market this year, namely PT Bumi Resources Mineral and PT Bank Sinarmas.
"Pre-listing approval was already out this week. I do not have any capacity to reveal the value, you just can ask directly to Sinarmas," he told reporters today.
According to him, the approval issued by the authority of the market stock, based on the IPO application documents submitted by the company.
Under the original plan, 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.
After the approval of the market stock, as he said, the Bank should immediately resume the filing process of listing its shares to the Capital Market Supervisory Agency and Financial Institution Supervisory Agency (Bapepam-LK).
"It should already be submitted to Bapepam," he said. Based on the data, 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 the bank acquired Bank Shinta with a purchase value of Rp400 billion, the Bank assets grew to reach Rp10 trillion. Looking ahead, the bank plans to focus on giving service for retail sector and leaving out the corporate sector.  

Disclosure: No position at the stock mentioned above.

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