Indonesian social security provider targets Bank Tabungan stock

Social security provider Jamsostek is prepared to buy a stake in Bank Tabungan Negara.

It has more than Rp 2 trillion or $208 million in its books to invest in the country’s stock and fixed income market.

“We have Rp 2.5 trillion with which to buy stocks and bonds until the end of the year,” said Elvin Masassya, president director of Jamsostek.

BTN, a state mortgage lender, has set the indicative price at between Rp 1,000 and Rp 1,400 in its limited public offering. It stands to raise as much as Rp 2.1 trillion by selling more than 1.5 billion shares, or 14.6 percent of its extended total shares, next month.

Proceeds from the sale would help BTN increase its capital adequacy ratio.

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