JAKARTA (TheInsiderStories) – The Salim Group through the life insurance and pension fund, PT Indolife Pensiontama officially became the shareholder of PT Bank Mega Tbk (IDX: MEGA) after purchased 6.07 percent of the unit of PT Mega Corpora’ shares. With the transaction, the group became the second largest shareholder of the lender after Mega Corpora around 58.01 percent.
The other shares hold by the public of 41.98 percent. The estimating valuation of Indolife’ shares in the bank amounted to Rp4.88 trillion (US$348.57 million), assuming yesterday’ price at Rp11,550 a unit. The entry of the financial firm to Bank Mega related to the expansion of Mega Corpora, the financial business armed of CT Corp.
The parent just obtained approval from the Financial Service Authority to takeover 73.71 percent shares of PT Bank Harda Internasional Tbk (IDX: BBHI) from PT Hakimputra Perkasa. Based on the planned, Mega Corpora will carry out a tender offer for the remaining shares owned by public. The tender offer price is set at Rp160.26 a share.
The company also will become the new shareholder of PT Bank Bengkulu, after acquired 26 percent of regional lender. The company will injected fresh capital Rp100 billion by buying new shares of the bank. If the share purchase is successful, it will become the third regional bank bought by Mega Corpora after owned 24.90 percent of PT Bank of Sulawesi Utara Gorontalo (Bank Sulut Go) and PT Bank Sulawesi Tengah.
Based on the financial reports as of Sept. 30, majority shares of the lender is the regional government of Bengkulu amounted to 44.28 percent and the rest were owned by 10 cities and regencies. The lender has an obligation to fulfilling the minimum core capital of Rp1 trillion by the end of 2020 and Rp3 trillion in 2022.
Currently, the core capital of Bank Bengkulu about Rp853.12 billion and as of Oct. 31, 2020, Bank Bengkulu booked a net profit Rp126 billion an increase of 126 percent compared to the same period of last year. Total assets of the lender stood at Rp8.45 trillion supported by loan growth worth of Rp5.74 trillion and third party funds of Rp7.23 trillion.
Financial Service Agency has announced the regulator can force Indonesian banks to consolidate, merging or other steps to maintain financial stability amid the COVID-19. The agency also has authority to give written orders to banks to merging, consolidating, taking over or integrating. There are also some adjustments to the process of merging, consolidation, acquisition, or integration of the lenders, said the agency.
Last year, the issuer posted an increase in net profit of 50.2 percent to Rp 3 trillion from Rp 2 trillion the previous year. This increase in profit far exceeded the performance of the banking industry, which fell 31 percent in November 2020.
Referring to the financial statements, the increase in net income was supported by net interest income of Rp. 3.91 trillion, up 9.2 percent from the previous year’s 3.58 trillion. Throughout 2020, Bank Mega has distributed credit of Rp 48.48 trillion, down 8.54 percent from the previous year’s period of Rp 53.01 trillion. The third party funds recorded a growth of 8.79 percent to Rp 79.18 trillion from Rp 72.79 trillion the previous year.
Last year, Mega Corpora had acquired PT Bank Harda Internasional Tbk (IDX: BBHI). In this acquisition, the small lender’ shareholder, PT Hakimputra Perkasa, sold 3.08 billion shares or 73.71 percent of shares to Mega Corpora.
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