JAKARTA. Financial Authority Services (OJK) and Indonesia Stock Exchange (IDX) have approved extended deadline for PT Bank Permata Tbk (BNLI) to meet its free float requirement until October 7, 2024.

The minimum free float rate requirement, or BNLI’s public shares, of 7.5% must be met following Bangkok Bank’s acquisition on BNLI’s shares. Bangkok Bank then conducted Mandatory Tender Offer (MTO), which brought its portion in BNLI to 98.71%.

Katharine Grace, Division Head of Corporate Secretary & Sustainability of BNLI, mentioned that as of now, Bangkok Bank is still attempting to increase the free float in order to meet the required level timely. With this requirement checked out, BNLI may re-enter Main Board of IDX.

For the record, the stock exchange has just demoted BNLI to Development Board last Sunday (26/5). This action took effect due to unmet minimum free float requirement.

“Currently, we, along with Bangkok Bank, will continue to make effort to put PermataBank back to Main Board of IDX,” Grace said in the official statement.

Until Q1 2024, BNLI reported total assets of IDR 252.8 trillion. The company’s net profit grew 6.8% year-on-year (yoy) to IDR 807.3 billion, while distributed credits reportedly increased 13.6% yoy. (KR/ZH)