Bukopin to sell 30% stake in IPO

Bukopin to sell 30% stake in IPO

JAKARTA: PT Bank Bukopin will offer a 30 percent stake to the
public via an initial public offering expected in June, the bank
said on Wednesday.

It said it will offer 2.05 billion shares at a nominal value
of Rp 100 each, via lead underwriter PT ABN Amro Asia Securities
Indonesia. It hasn't yet set the price for the shares.

The lender, which is owned by various cooperatives including
those of the armed forces, said that it will use 70 percent of
the proceeds to boost lending, 15 percent to open new branches,
10 percent to upgrade its information technology, and 5 percent
to fund human resource development.

It has 261 branch offices and outlets across Indonesia as of
end 2004. It booked Rp 210 billion in net profit in 2004, up 17
percent from Rp 180 billion a year earlier.-- Dow Jones