Apr 10, 2011

Bank Sulut eyeing 40% IPO

Bank Pembangunan Daerah Sulawesi Utara (Bank Sulut) is keen to offer a 30%-40% stake during initial public offering (IPO) in the second half of this year.
Bank Sulut President Director Jeffry J. Wurangin said the bank has targeted to grab Rp100 billion-Rp300 billion proceed from the IPO.
"The proceed will be used by the company as additional working capital, banking and credit expansions," he said.
However, the bank hasn't yet appointed the IPO underwriters. Of the 26 local banks in Indonesia, Bank Pembangunan Daerah Jawa Barat dan Banten is the only which listed at Indonesia Stock Exchange. Bank Pembangunan Jawa Timur (Bank Jatim) is eyeing similar strategy to obtain proceed from the IPO.

Disclosure: No position at the stock mentioned above.

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