PT Bank Agris Tbk completed the acquisition of 28.32% stake in PT Bank Mitraniaga Tbk from Sarana Steel, Pt, Kamtono Kosasih, Yeo Harry Yonanta and others.
August 23, 2019
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PT Bank Agris Tbk (IDX:AGRS) agreed to acquire 28.32% stake in PT Bank Mitraniaga Tbk (IDX:NAGA) from Sarana Steel, Pt, Kamtono Kosasih, Yeo Harry Yonanta and others for IDR 11 billion on March 20, 2019. Under the terms, PT Bank Agris will issue 35.7 million shares where every 1 share in PT Bank Mitraniaga will be equal to 1,137 shares in PT Bank Agris. PT Bank Mitraniaga will be dissolved and all assets and liabilities of PT Bank Mitraniaga will be transferred legally to the PT Bank Agris. Employees of the PT Bank Mitraniaga will change their status to employees of the PT Bank Agris, unless otherwise agreed based on the agreement between the employee and the PT Bank Agris and PT Bank Mitraniaga will stop legally as of the Effective Date of the Merger (July 31, 2019) without the need to go through the liquidation process. The name and domicile of the Merged Bank will be PT Bank IBK Indonesia, Tbk
The deal is subject to approval from the shareholders of PT Bank Agris Tbk and PT Bank Mitraniaga Tbk at their extraordinary general meeting will be held on May 31, 2019 and approval from financial services authorities ("OJK"). The transaction has been recommended by the Board of Directors and Commissioners of PT Bank Mitraniaga and PT Bank Agris. As of August 19, 2019, Indonesia`s Financial Services Authority (OJK) approved the transaction. As on August 22, 2019, the transaction has been approved by the Ministry of Law and Human Rights of the Republic of Indonesia. The transaction is expected to be completed by July 31, 2019. As of July 31, 2019, transaction completion date has been extended. As of August 19, 2019, IBK Indonesia Bank will be launched as a combined organization in September 2019. As on August 22, 2019, the merger is expected to be conducted on August 23, 2019. Gani Sigiro & Handayani and Kantor Akuntan Publik Kanaka, Puradiredja, Suhartono acted as accountant for PT Bank Agris and PT Bank Mitraniaga respectively. Ali Budiarjo, Nugroho, Reksodiputro and INFINITI & Co acted as legal advisor for PT Bank Agris and PT Bank Mitraniaga respectively. KJPP Ruky, Safrudin & Rekan and KJJP - Benedictus Darmapuspita & Rekan acted as fairness opinion provider for PT Bank Agris and PT Bank Mitraniaga respectively.
PT Bank Agris Tbk (IDX:AGRS) completed the acquisition of 28.32% stake in PT Bank Mitraniaga Tbk (IDX:NAGA) from Sarana Steel, Pt, Kamtono Kosasih, Yeo Harry Yonanta and others on August 23, 2019. PT Bank Agris Tbk has been delisted from Indonesian Stock Exchange effective August 23, 2019.
PT Bank IBK Indonesia Tbk is an Indonesian-based commercial banking company. The Companyâs geographical segment include Java, Sumatra, and Kalimantan. The Company offers a variety of savings products and funding (Loan) to consumers. Its deposit products include IBK Savings, IBK Giro, IBK Deposit, and IBK Plan/Term Savings. The Companyâs loan products include working capital loans, investment credit, and consumption/consumptive/individual credit. Its working capital loans include working capital installment, working capital join financing, working capital channeling, working capital executing, demand loan, and trust receipt loan. Its consumption/consumptive/individual credit includes mortgage loan, vehicle loan, and secured loan. It provides Internet and mobile banking services. It also provides treasury products, which include interbank money market transactions, foreign exchange transactions, and securities transactions.
PT Bank Agris Tbk completed the acquisition of 28.32% stake in PT Bank Mitraniaga Tbk from Sarana Steel, Pt, Kamtono Kosasih, Yeo Harry Yonanta and others.