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Indonesian lender BTPN shares jump 9 pct after SMFG buys stake
March 14, 2014 / 9:08 AM / 4 years ago

Indonesian lender BTPN shares jump 9 pct after SMFG buys stake

JAKARTA, March 14 (Reuters) - Bank Tabungan Pensiunan Nasional (BTPN) shares surged as much as 9 percent on Friday after Japan’s Sumitomo Mitsui Financial Group said it bought 919.3 million shares of the Indonesian lender.

Sumitomo paid 6,500 rupiah per share, a 44.8 percent premium to its closing price on Thursday, BTPN said in a stock exchange filing. Following the transaction, Sumitomo owns 2.3 trillion shares in Indonesia’s seventh-biggest lender by market value.

Last year, Sumitomo had agreed to buy up to 40 percent stake of BTPN, which is backed by TPG Capital, giving the Japanese bank a foothold in the fast-growing Southeast Asian economy.

As of 0833 GMT, the lender’s stock was up 5.6 percent. The broader Jakarta Composite Index was up 2 percent, while the blue-chip index was 2.8 percent higher.

Reporting by Fathiyah Dahrul and Andjarsari Paramaditha; Editing by Prateek Chatterjee

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