JAKARTA (Yosefardi) – Investors continued selling off shares of PT Bank Tabungan Negara (BTN) Tbk (BBTN), dragging down the stock by 3.54% to Rp1090 per share Tuesday (May 13) with over 54.34 million shares exchanged hands.

BTN shares was the focus of buying since early February this year on rumors that state-owned enterprises ministry has approved the proposed acquisition of BTN by Bank Rakyat Indonesia (BBRI). Bank Mandiri was also reportedly keen to acquire BTN.

However BTN shares has lost 22.4% since mid last month after media reported the government has delivered a strong signal to sell BTN to Bank Mandiri.

On May 7, 2014, media reported Bank Mandiri and BTN have not included the acquisition issue needed to gain approval from shareholders at their extraordinary general meeting (EGM) scheduled for May 21, 2104.

Minister of State-owned Enterprises (SoE), Dahlan Iskan, earlier revealed that the acquition over BBTN by BMRI is aimed to improve BBTN’s capacity, to enter Asian Economic Society era, and to improve the capacity of state-owned banks.

Investors might continue selling BTN shares as the stock has gained 20.4% since early February, 2014, when the rumor of acquisition emerged at market.