BNI to float shares

Mon, 22 May 1995

BNI to float shares

JAKARTA (JP): State-owned Bank Negara Indonesia (BNI) has announced that it will offer shares to the public by next year.

"Minister of Finance Mar'ie Muhammad has agreed to this plan and we expect BNI to float its shares by 1996," Winarto Soemarto, the bank's president, was quoted as saying by Antara over the weekend.

BNI, which is ranked as the best of Indonesia's state banks, will be the first state-owned financial institution to make a public offering.

Winarto did not specify the capital market on which BNI intends to offer its shares.

According to BNI's latest annual report, the bank recorded a before-tax profit of Rp 309.24 billion (about US$140 million) in 1994, while its total assets reached Rp 30.72 trillion. (hdj)

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