JAKARTA (TheInsiderStories) – Indonesian tycoon, Chairul Tanjung, through is financial armed, PT Mega Corpora, has officially hold 73.71 percent of PT Bank Harda Internasional Tbk (IDX: BBHI), the management announced today. The company bought the local lender shares from the existing shareholders, PT Hakimputra Perkasa with costs around Rp308.44 billion (US$21.42 million).
Both parties have signed a share sale and purchase agreement on Oct. 16, 2020. The purposes of this transaction to pursue a minimum capital requirement regulated by the Financial Service Authority (FSA) that core capital of Indonesian bank at least Rp3 trillion by 2022. It said, the fulfillment is carried out in stages, Rp1 trillion in 2020, Rp2 trillion in 2021, and Rp3 trillion by 2022 at the latest.
Currently, Bank Harda has a main core capital of Rp272.03 billion, a total authorized capital of 10 billion shares with a nominal value of Rp1 trillion, including issued and fully paid-up capital of 4.18 billion shares amounted to Rp418.44 billion, and 5.81 billion shares in portfolios worth of Rp581.55 billion.
After the deal completed, the private bank will run the tender offer with an exercises price at Rp160.26 a share in the 90 calendar days. After becoming major shareholders of the lender, Tanjung will make Bank Harda as a digital bank.
The regulator has announced can force Indonesian banks to consolidate, merging or other steps to maintain financial stability amid the COVID-19. The regulation consists of the scope of regulation applies to banks and branch offices domiciled overseas. The agency also has authority to give written orders to banks to merging, consolidating, taking over, or integrating.
In addition, written orders are given to lenders that meet the criteria based on FSA assessments. There are some adjustments to the process of merging, consolidation, acquisition, or integration of the lenders, said the agency.
For conventional and Islamic banks, it can be excluded from the provisions regarding sole ownership in Indonesian banks, ownership of commercial bank shares, or deadline for fulfilling minimum core capital. For rural bank and Islamic people’ financing banks or branch offices can still be maintained in accordance with the office network area that has been established.
Bank Harda was established in the form of a legal entity PT Bank Arta Griya on Oct. 21, 1992. Then, changed its name on Jan. 16, 1993 to PT Bank Harda Griya and officially operated on Oct. 10, 1994. In 2015, the lender conducted an initial public offering of 800 million shares. In 2015 the lender conducted an initial public offering of 800 million shares.
The bank was hit by unpleasant rumors about illegal banking practices called forward trade confirmation, but the management confirmed that it was not issued by the company. While, Mega Corpora is the owner of 58.02 percent shares of PT Bank Mega Tbk (IDX: MEGA), PT Bank Bengkulu, PT Bank of Sulawesi Utara Gorontalo, and PT Bank Sulawesi Tengah.
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Source: https://theinsiderstories.com March 16, 2020