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2 February 20232 minute read

DLA Piper advises PT Bank Tabungan Negara (Persero) Tbk on IDR4.13 trillion rights offering

Global law firm DLA Piper has advised PT Bank Tabungan Negara (Persero) Tbk (BTN), one of Indonesia’s largest state-owned banks (Indonesian Stock Exchange: BBTN), as its international counsel on its IDR4.13 trillion (USD360.2 million) rights offering.

The bank issued 3,444,444,413 new shares, constituting 24.54% of its issued, paid-up capital after the rights offering. The Government of the Republic of Indonesia owns 60% of the shares in the bank. The rights issue will further improve BTN’s capability to extend home lending within Indonesia and cement its reputation as the leading Indonesian mortgage bank – a mortgage market serving 280 million Indonesian citizens.

Joe Bauerschmidt, DLA Piper’s Country Managing Partner for Singapore and Head of Capital Markets in Southeast Asia, commented: “We are pleased to assist BTN on this deal that is expected to have a significant impact on the home lending volume and distribution in Indonesia. It was also a pleasure to work with the strong BTN deal team.”

Joe Bauerschmidt led the DLA Piper team, supported by Miftahul Ari Khairi, Associate,Singapore. DLA Piper has served as the legal adviser in multiple Indonesian equity and debt capital market transactions over the past few years. This deal demonstrates DLA Piper’s strength and expertise in Indonesian transactions, assisting Indonesian business conglomerates and state-owned companies.