Photo credit: Bank Danamon

JAKARTA (TheInsiderStories) – PT Bank Danamon Indonesia Tbk shook up its board of commissioners and directors on Tuesday (20/3) as a follow-up of the acquisition of the bank’s shares by Bank of Tokyo Mitsubishi UFJ Ltd (BTMU). Senior Managing Executive Office for Asia & Oceania of the bank Takayoshi Futae was named as a new commissioner of Danamon.

Danamon said in a statement that the shareholders meeting also accepted the resignation of Vera Eve Lim as director and also appointed banker Peter Benyamin Stok as an independent commissioner.

There were also changes in the board of directors composition. The shareholders meeting approved the appointment of Michellina Triwardhany as deputy president director, Yasushi Itagaki as director and Dadi Budiana as director.

President Director Sng Seow Wah and President Commissioner Ng Kee Choe maintain their posts.

In late December last year,  BTMU reached an agreement to acquire 73.8 per cent or a majority stake of PT Bank Danamon Indonesia Tbk (IDX: BDMN), that will be purchased in three phases. Based on the agreed share price per unit, the total acquisition price would reach US$5.9 billion.

The Japanese bank entered into conditional share purchase agreements with Temasek’s unit Asia Financial (Indonesia) Pte. Ltd. and other affiliated entities on Dec. 26 to acquire Bank Danamon shares, subject to applicable regulatory approvals.

In the first phase, the bank will acquire an initial 19.9 per cent stake in Danamon or, based on a price of Rp8,323 per share ($0.61) and at an investment amount of Rp15.875 trillion ($ 1.17 billion).

BTMU intends to then seek regulatory and other relevant approvals to acquire an additional 20.1 per cent to increase its stake in Danamon to 40 per cent. This step is expected to close between Q2 – Q3 of 2018.

Upon completion of the second step, MUFG intends to seek the necessary approvals to increase their stake in Bank Danamon to 73.8 per cent. This will provide an opportunity for all other existing Danamon shareholders to either remain as shareholders or receive cash from BTMU. (*)