Jakarta, CNBC Indonesia – Japanese financial group Mitsubishi UFJ Financial Group Inc. (MUFG), is reportedly considering an offer to buy Panin Bank shares. In fact, MUFG is said to be working with financial advisors to explore an agreement related to the acquisition of Bank Panin shares.
In response to this, Panin Bank President Director Herwidayatmo revealed that this corporate action plan has not yet been discussed. “We as a public company know that if there is a (plan) it must be filled with elements of transparency,” said Herwidayatmo.
Herwid explained that there was no information from the shareholders regarding this matter. “Because we don’t have anything (a corporate action plan with MUFG),” he explained.
In Bloomberg news, the Tokyo-based bank is working with financial advisors and is exploring a deal for the share acquisition process.
In addition, MUFG can also propose the merger of Panin Bank with PT Bank Danamon Indonesia.
As of the first quarter of 2022, Panin Bank recorded a consolidated net profit of Rp 666.2 billion. Operating profit before reserves and taxes reached Rp 1.91 trillion, an increase of 12.5% in the first quarter of 2022.
The bank also managed to reduce interest costs by 35.7% to Rp 907 billion. Then interest income of Rp 3.42 trillion, down 8.97%.
Credit disbursement of Rp 123.9 trillion decreased by 3.19% due to slowing credit growth in Indonesia. The capital adequacy ratio (CAR) was recorded at 28.76% and the loan to deposit ratio (LDR) was recorded at 84.45%. For third party funds, Rp. 138.1 trillion. Current account saving accounts (CASA) continued to increase to reach 48.9% in line with the growth in savings and current accounts, which increased by 12.98%.
To note, based on the financial statements of Bank Panin, the controlling shareholder of Bank Panin is PT Panin Financial Tbk (PNLF), with the controllers being Gunadi Gunawan, Mu’min Ali Gunawan, Muljadi Koesumo and Tidjan Ananto. The Gunawan family’s total shareholding is 46.04%.
In addition, there is also Votraint No. 11013 Pty, Ltd, with the controlling shareholder being ANZ Banking Group. ANZ’s total shareholding is 38.82%.
In the disclosure of information on the Indonesia Stock Exchange (IDX), quoted on Thursday (14/7/2022), the management of Bank Panin stated that it was not aware of any material information or facts that could affect the value of the company’s securities or the investment decisions of investors.
Management also admits that they have no plans to take corporate actions in at least the next three months, which will result in the listing of the Company’s shares on the Stock Exchange.
In addition, there is also no plan submitted by the controlling and/or major shareholders to the company’s directors, related to their share ownership in the company.
“Until now, ANZ Banking Group Limited as the Ultimate Shareholder of PT Bank Panin Tbk has not submitted the plan to the company’s directors,” said the management of Bank Panin.
Source: cnbcindonesia.com.sg July 21, 2022