Bank Mas From Wings Group Of The Conglomerate Harjo Sutanto Offers IPO Targeting IDR 774 Billion Funds

Illustration. (Photo: Doc. Bank Mas)

JAKARTA - PT Bank Multiarta Sentosa will release some of its shares to the public in the near future. This was done by the company by holding an initial public offering with an initial offering period of 7-15 June 2021.

In the company's statement in the Indonesian Business Daily, quoted on Tuesday, June 8, Bank Mas will release 15 percent of the issued and paid-up capital after the initial public offering, or a maximum of 186.18 million new shares with a nominal value of IDR 1.000 per share.

The company offers its shares at a price range of IDR 3.000 - IDR 4.000 per share. Thus, the total value of the shares offered in the initial public offering is IDR 774.71 billion.

Funds obtained from the initial public offering after deducting all share issuance costs will be used to strengthen capital in accordance with POJK 12/2020 concerning the consolidation of commercial banks.

The proceeds will also be allocated for 85 percent of lending, and 15 percent for digital banking development. Bank Mas is part of the Wings Group, a company owned by the conglomerate Harjo Sutanto.

Wings Group is one of the major business groups in Indonesia. The current shareholders of Bank Mas consist of 70 percent of PT Danabina Sentana, 25 percent of PT Multi Anekadana Sakti, and 5 percent of PT Halim Sakti.

The public offering period is scheduled to be held on June 23-25, 2021. Meanwhile, the listing of shares on the Indonesia Stock Exchange is scheduled for June 29, 2021. Act as the implementing guarantor for the issuance of PT BCA Sekuritas.

For information, Bank Mas obtained a business license as a Non-Foreign Exchange Commercial Bank on October 15, 1992, as well as a foreign exchange trading business license on December 24, 2003. Then, since 2013, the company has become part of the Wings Group.

After the initial public offering, the composition of share ownership is PT Danabina Sentana at 59.50 percent, PT Multi Anekadana Sakti at 21.25 percent, PT Halim Sakti at 4.25 percent, public shareholders at 14.85 percent, and employees 0.15 percent.

The IPO offering price of Bank Mas is quite premium when compared to the prices of top banks on the IDX, namely PT Bank Rakyat Indonesia Tbk (BBRI) at IDR 4.250, PT Bank Negara Indonesia Tbk (BBNI) at IDR 5.525 per share, and PT. State Savings Bank Tbk (BBTN) at IDR 1.605 per share.