Bank Rakyat Indonesia Syariah plans March IPO
Photo: A woman walks past a Bank Rakyat Indonesia (BRI) automated teller machine (ATM) in Jakarta December 4, 2009. State-owned BRI is the parent bank of BRI Syariah. REUTERS/Crack Palinggi
JAKARTA – Indonesia’s Bank Rakyat Indonesia Syariah, a subsidiary of state-owned listed lender PT Bank Rakyat Indonesia (BRI), is planning an initial public offering (IPO) of its shares on the Indonesia Stock Exchange in March, Haru Koesmahargyo, its Financial and Business Strategy Director told Salaam Gateway.
BRI’s board of directors has given the nod for the company to sell as much as 30 percent of its shares to the public in a deal that could raise the bank around 2.5 trillion Indonesian rupiah ($188 million), said Koesmahargyo.
“We want to become the first Islamic bank to be listed on the Indonesia Stock Exchange. Panin Syariah was listed in January 2014 but that was conducted via a private placement by strategic investor Dubai Islamic Bank that owned 39 percent of their share,” said Koesmahargyo.
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