Bank Sumut Conducts IPO with Plans to Boost Business Performance

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- PT Bank Pembangunan Daerah Sumatera Utara Tbk (Bank Sumut) is conducting an initial public offering (IPO) of up to 2.93 billion shares from January 5 to January 18, 2023. 

The amount represents 23% of Bank Sumut's total shares after the IPO, with proceeds of IDR 1.49 trillion. 

The company, with the stock code BSMT, is ready to boost business performance by increasing credit expansion and developing information technology and digital services. 

The plan is to allocate 80% of the funds from the IPO to working capital to support the company's business expansion, including working capital credit, investment credit, and consumer credit.

"About 20% will be used for network expansion and the development of information technology to support the company's business activities, including digital services," said Hadi Sucipto, Acting CEO of Bank Sumut, in a written statement received in Jakarta on Monday (9/1/2023). 

Specifically, 10% will be used as capital expenditure, including expenditure for leased assets such as the opening or extension of office units, service units, building renovations, and information technology infrastructure. 

The other 10% will be used for operational expenditure, including the development of ATMs, digitalization services, the improvement of system security, and other information technology developments under a managed service scheme. 

Despite the recent change in leadership at Bank Sumut, the company has confirmed that the IPO process will not be disrupted and banking operations will remain normal. 

The IPO is being underwritten by four securities companies, PT Aldiracita Sekuritas Indonesia, PT BRI Danareksa Sekuritas, PT RHB Sekuritas Indonesia, and PT UOB Kayhian Sekuritas. Bank Sumut is scheduled to start trading on the Indonesia Stock Exchange on February 7, 2023.

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