BTN Boss Ensures Cancel Acquisition Of Bank Muamalat

Bank BTN (Photo: dock. Antara)

JAKARTA - PT Bank Tabungan Negara (Persero) Tbk or BTN confirmed that it would not acquire PT Bank Muamalat Indonesia. The decision has been agreed upon by the Ministry of State-Owned Enterprises (BUMN) as shareholders.

President Director of BTN, BTN Nixon LP Napitupulu admitted that this news had not been announced by the company through information disclosure on the Indonesia Stock Exchange (IDX).

"We have not disclosed the information that we will not continue the acquisition of Bank Muamalat for various reasons that can be conveyed," he said in a Hearing Meeting with Commission VI of the DPR RI, at the Parliament Complex, Jakarta, Monday, July 8.

Nixon explained that the cancellation of the corporate action had received approval from SOE Minister Erick Thohir and SOE Deputy Minister Kartika Wirjoatmodjo. It has also been submitted to the Financial Services Authority (OJK).

"We have also consulted with shareholders, in this case the Minister and Deputy Minister and we also conveyed it to the OJK," he explained.

Nixon admitted that he was ready to reveal the reason why BTN did not continue the acquisition process of Bank Muamalat Indonesia. However, with the records of the discussion meeting held behind closed doors.

"If possible, just closed (the meeting), because there are two things. One information disclosure must be first. If not, it's a pity that BTN was reprimanded by the stock exchange, because we are Tbk. Second, we are bound by NDA (non-disclosure agreement)," he said.

In addition, Nixon said that BTN also had to maintain cooperation with Bank Muamalat for several other deals.

"So we really have to keep the agreement with them," he said.