South Korea' Apro Financial Co. Ltd., injected new capital to its local unit PT Bank Oke Indonesia Tbk (IDX: DNAR) through rights issue, it said today (10/11) - Photo by the Company

JAKARTA (TheInsiderStories) – South Korea’ Apro Financial Co. Ltd., injected new capital to its local unit PT Bank Oke Indonesia Tbk (IDX: DNAR) through rights issue, it said today (10/11). The financial company has become the main shareholder of the bank with an ownership of 91.33 percent and public 8.67 percent.

The new bank as the results of merger with other lender, PT Bank Dinar, wanted to raise capital more than Rp5 trillion (US$354.61 million) to enter Book III group. Currently the merged bank still classified as BOOK II with core capital between Rp1 trillion to Rp5 trillion.

To meet the target, Bank Oke planned issue new shares with worth of Rp499.71 billion. The South Korean company become the standby buyer for the rights issue.

The lender will released 2.53 billion new shares with an exercise price Rp197, each. The ownerships of the shareholders who do not exercise their rights will be deluded to as much as 28.28 percent after the rights issue, said Bank Oke. 

In July, the units of Apro Financial pocketed a business permit to merger from the Financial Services Authority to merge the two banks. Previously, in 2018, the company obtained a permit to acquire 77.3 percent of Bank Dinar shares.

Then Apro Financial intends to merge Bank Dinar with Bank Oke, whose shares have been controlled by up to 99 percent. The parent is committed to merge Bank Dinar with Bank Oke Indonesia to support the banking consolidation provided by the government.

On Oct. 25, 2018, Apro Financial announced has takeover 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 the existing shareholders of the bank.

The purchase price of shares was recorded at Rp 396.89 per share and the total purchase was estimated at Rp 691 billion (US$49.01 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 provides consumer credit services in South Korea. It operates 64 branch offices across the ginseng country. The South Korean bank also had acquired PT Bank Andara, which later changed its name to Bank Oke Indonesia.

US$1: Rp14,100

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