Feb 20, 2012

IFC to convert loan into BTPN shares

PT Bank Tabungan Pensiunan Nasional Tbk (BTPN), that is controlled by Northstar Pacific Partners, today announced that International Finance Corporation (IFC) intends to convert a Rp139.46 billion loan channeled to BTPN into new shares.
In an official statement published today, IFC has sent a conversion notice to the management of BTPN regarding an intention to convert the loan into the bank's new shares.
Referring to the convertible loan agreement, BTPN plans to issue 176.67 million new shares to IFC. Regarding to the conversion, the ratio is Rp789.38 a share.
However, BTPN on last Friday was closed 0.73% higher to Rp3,450 a share.

Disclosure: No position at the stock mentioned above.

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