JAKARTA (TheInsiderStories) – South Korean APRO Financial Co. Ltd local units, PT Bank Dinar Indonesia Tbk (IDX: DNAR) and PT Bank Oke Indonesia delayed to 2019, due to administration process. Initially, the merger of the two banks was planned to be completed this year.

Based on information from the Indonesian Stock Exchange, Bank Dinar targeting to receive an effective letter from Financial Service Agency on Feb. 20, 2019. Then the two banks will hold an Extraordinary Shareholders Meeting on Feb. 26, 2019, before being merged on May 2, 2019.

Previously, on October 25th, 2018, APRO Financial announced the takeover of Bank Dinar’ shares amounting to 77.38 percent. The bank’ Service Group Director Kim Donghoon said that he had bought 1.74 billion shares owned by Bank Dinar.

The share buying and selling process was carried out after the Dinar Bank previously obtained approval for the plan to acquire shares by the Financial Services Authority on Oct. 9, 2018.

The purchase price of shares was recorded at Rp 396.89 per share and the total purchase was estimated at Rp 691 billion (US$47.66 million), thus APRO Financial is currently the majority shareholder of Bank Dinar.

Until September 2018 the controlling shareholder of Bank Dinar was Nio Yantony with 34.16 percent share ownership, Andre Mirza Hartawan with 21.15 percent share ownership, and Syaiful Amir with 10.58 percent share ownership.

Founded in 1999, Apro Financial Co., Ltd. provides consumer credit services in South Korea. It operates 64 branch offices across the ginseng country.

Currently, Bank Dinar’ assets worth Rp2.35 trillion. In third quarter of this year, it booked Rp7.25 billion profit, a surge by 24.14 percent from Rp5.84 billion in the same period last year.

The bank is one of the national foreign exchange private banks established in Jakarta on August 15, 1990. The operating license as a commercial bank is stipulated through a Bank Indonesia letter dated Nov. 22, 1991.

At the beginning of its establishment the Bank was named PT Bank Liman International from Nov. 8, 2012, carried out a rebranding to become Bank Dinar.

As of July 11, 2014, the shares of Bank Dinar are officially traded on the Indonesia Stock Exchange with DNAR stock code.

APRO Financial also had acquired PT Bank Andara, which later changed its name to Bank Oke Indonesia. After the acquisition process is completed, Bank Dinar will prepare to merge with PT Bank Oke Indonesia which will deliver the merged bank to the business group commercial bank tp Book II.

US$1: Rp14,500

Written by Staff Editor, Email: theinsiderstories@gmail.com