BTPN Aims For Investors To Meet The 7.5 Percent Free Float Rules

IDX illustration (Photo: dock. Antara)

PT Bank BTPN Tbk (BTPN) will look for investors to comply with Indonesia's Stock Exchange rules regarding the minimum share limit owned by the public (free float) of 7.5 percent.

President Director of PT Bank BTPN Tbk Henoch Munandar is optimistic that Bank BTPN can comply with the 'free float' rules by the end of 2023, in accordance with the limits set by the IDX.

"We are still committed until the end of this year we will continue to meet the requirements required by the IDX," said Denoch quoting Antara.

His party is approaching various investors to fulfill these provisions.

"We are also trying to make (BTPN shares) absorbed by retail and community investors," said Henoch.

Based on IDX regulations, each issuer must meet the minimum free float share limit of 7.5 percent no later than December 21, 2023. Issuers who cannot comply with these regulations will enter the special monitoring board.

The portion of BTPN's share ownership by the public or the public has only reached 5.25 percent for non-warkat and 1.17 percent for warkat.

Meanwhile, 92.43 percent of BTPN's shares are held by Sumitomo Mitsui Banking Corporation (SMBC).

On Wednesday, November 15, BTPN announced that it will hold an Extraordinary General Meeting of Shareholders (EGMS) on December 7, 2023, to discuss the implementation of the withdrawal of shares from the repurchase and the plan to add capital with Pre-emptive Rights (PHMETD).