Bank Pembangunan Daerah Sumatra Utara (BPD Sumut) will hold initial public offering (IPO) in the first half of next year with a target proceed of Rp700 billion-Rp800 billion.
"We have set the IPO next year," said Marketing and Syariah Director Zenilhar as quoted by Kontan daily today.
BPD Sumut will sell 20%-40% stake during the IPO. "We have secured approval from shareholders meeting for the IPO." he said.
BPD Sumut will allocate the IPO proceed to expand credit expansion in the small to medium enterprises.
Disclosure: No position at the stock mentioned above.
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