Bank Index Selindo to sell shares to public

JAKARTA. PT Bank Index Selindo planned to sell 20 percent of its enlarged shares to the public during the company's initial public offering (IPO) in the third quarter of this year, an official said.

Indonesian Stock Exchange (IDX) company valuation director Hoesen said that the management of Bank Index Selindo had formally announced the IPO plan during a recent meeting with IDX directors.

Hoesen said on Friday that the bank had named PT Indo Premier Securities as the underwriter of its IPO. He said the bank would use the funds from the public to strengthen its capital structure.

Bank Index Selindo was established in July 1992 and started operations in August 1993. The company focuses on commercial, retail and consumer sectors.

According to the company's financial statement on Bank Indonesia's (BI) website, Bank Index Selindo recorded Rp 4.72 trillion (US$472.2 million) in total assets in May 2013. The bank enjoyed net profits of Rp 23.28 billion during the Jan-May period. (The Jakarta Post)