JAKARTA (TheInsiderStories) – PT Mega Corpora, the company owned by Indonesian tycoon, Chairul Tanjung, announced has acquired 73.71 percent shares of PT Bank Harda Internasional Tbk (IDX: BBHI) from the existing shareholders, PT Hakimputra Perkasa. The two have signed a share sale and purchase agreement on Oct. 16, 2020.
Currently, the issuer is pursuing a minimum capital requirement Rp1 trillion (US$68.03 million) by the end of 2020. This regulation is stated in FSA Regulation Number 12 of 2020 which regulates core capital of Indonesian bank at least Rp3 trillion by 2022.
The fulfillment is carried out in stages, Rp1 trillion in this year, Rp2 trillion in 2021, and Rp3 trillion by 2022 at the latest. in the first half (1H) of 2020, Bank Harda has a main core capital of Rp272.03 billion from previous year was Rp297.33 billion.
While, the amount of core and complementary capital worth of Rp280.34 billion as of 1H of 2020 from 1H of 2019, Rp308.81 billion. The company wants to upgrade its class to BOOK 2. After get an approval from the shareholders, the bank will run the tender offer with an exercises price at Rp160.26 a share.
In the same period, Bank Harda‘ assets amounted to Rp2.20 trillion, down from 2019 was Rp2.53 trillion. Net interest income also dropped from Rp49.12 billion to Rp29.58 billion and net profit soared to Rp32.86 billion from 1H of 2019 Rp9.27 billion.
Recently, Financial Service Agency (FSA) announced the regulator 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/and 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. As of June, Bank Harda’ shareholders were PT Hakimputra Perkasa with 73.71 percent, Kwee Sinto 3.79 percent, and public 22.50 percent.
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