Exclusive: Bosowa and Saratoga race to acquire 30% stake in Bukopin | Company data
(The Insider Stories) - The Bosowa Corp. conglomerate and private-equity vehicle PT Saratoga Investama Sedaya are bidding for a 30% stake in small-sized lender PT Bank Bukopin (IDX:BBKP.JK) from two shareholders - port workers cooperative Kopelindo and Yabinstra, a foundation associated with state logistics agency Bulog.
The potential buyers have submitted offers of IDR1,050-IDR1,200 per share for the stake - 48% higher than Thursday’s price of IDR810. The transaction is expected to close this month pending approval from Bank Indonesia and financial services regulator Otoritas Jasa Keuangan (OJK).
Four investors had sent letters of interest regarding the stake: PT Bank Rakyat Indonesia (IDX:BBRI), the provincial authority of Banten in western Java, Bosowa and Saratoga. PT CIMB Securities Indonesia is financial and legal advisor on the deal.
Kopelindo currently holds 31.7% of Bukopin and Yabinstra 9.7%. Bosowa CEO Erwin Aksa says the group is interested in becoming a strategic partner in Bank Bukopin because they have similar goals to develop small and medium enterprises. He said Bosowa will fund the acquisition from generated internal cash. Bosowa joint with Qatar National Bank now run one small PT Bank QNB Kesawan (BKSW.JK). Chairman of Saratoga Investama Sedaya Edwin Soerdjaja also said the company has submitted an offer to acquire the Bank Bukopin stake via its Saratoga Asia Fund unit.
Bank Bukopin also plans to release up to a 30% stake via a rights issue in the fourth quarter of 2013 to strengthen capital, aiming to raise up to IDR2 trillion. After the rights issue, the bank’s capital adequacy ratio will increase to 18% and enough to support the lending growth target to grow 20% from total outstanding loans last year of IDR36.6 trillion.
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