Local tycoon, Maspion Group has sold 30.01 percent shares its unit PT Bank Maspion Indonesia Tbk (IDX: BMAS) to a Thai-based firm, Kasikornbank Public Co. Ltd, said the company yesterday (04/15) - Photo by Nikkei Asian Review

JAKARTA (TheInsiderStories) – Local tycoon, Maspion Group has sold 30.01 percent shares its unit PT Bank Maspion Indonesia Tbk (IDX: BMAS) to a Thai-based firm, Kasikornbank Public Co. Ltd, said the company yesterday (04/15). Both parties have signed the deal on April 13 with estimating values Rp350 billion (US$22.58 million).

Based on the disclosure of information to Indonesia Stock Exchange, the acquirer made this sale through its subsidiary Kasikorn Vision Co. Ltd. (KVision). Currently, Kasikornbank, formerly known as Thai Farmers Bank, had a 9.99 percent stake in the local lender.

According to Maspion Bank‘ director, Iis Herijati, the company will take over 13.56 percent shares own by PT Alim Investindo, PT Maspion 7.07 percent, PT Husin Investama 2.81 percent, PT Maspion Investindo 2.46 percent and individual shareholders amounted to 4.11 percent.

She said, this transaction will be completed after all the requirements are fulfilled and the shareholders’ fit and proper test is approved by the Financial Services Authority. She also stated, “With the presence of KVision we want to develop digital banking services.”

in 2017, Thailand fourth-largest bank by assets, has acquired 9.99 percent stake in Bank Maspion for $20 million, the first investment by the bank in Indonesia. The Kasikornbank currently has branches in Laos and Cambodia and representative offices in Myanmar, Vietnam and Indonesia.

The bank listed on the Stock Exchange of Thailand and was founded on June 8, 1945, with an initial capital of only THB5 million. Now, the company’ assets had penetrated THB3,294 trillion ($100.64 billion) with total loans THB2 trillion and third party deposit THB2.07 trillion baht.

While, Bank Maspion was founded by local entrepreneur Alim Markus. The bank service coverage in Surabaya, Jakarta, Semarang, Denpasar, Medan, Bandung, Makassar, Solo, Malang, Purwokerto, and Palembang. Its parent is a group of autonomous and multinational companies, based in Surabaya, East Java. It was founded by Alim Husin in 1962.

US$1: THB32.73

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