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BRI to acquire 80% shares in Bank Agro

PT Bank Rakyat Indonesia Tbk (BRI) has affirmed the decision to acquire 80% shares in PT Bank Agroniaga Tbk.

President Director of BRI Sofyan Basir informed the decision to be further discussed during the General Meeting of Shareholders (RUPS) in this quarter.

"The acquisition of Bank Agroniaga is final, at maximum 80% of its shares," he said after attending a coordination meeting on small-business loans in the office of Coordinating Ministry of Economic Affairs today.

However, Sofyan did not mention the acquisition value but as he asserted, the purchase amount will refer to the normal stock price.

With the acquisition process approaching final phase, as he continued, BRI only needs to seek for approval from the shareholders at the Extraordinary Meeting of Shareholders (RUPSLB).

BRI once set the target of the acquisition completion by August 2010. The state bank takes over the bank's shares owned by the pension fund of PT Perkebunan Nusantara and allocates up to IDR200 billion to finance the acquisition process.

If the acquisition is completed, the BRI's shares in Bank Agro can be diluted since the percentage of warrants reaches 502.57 million out of 3.42 billion of shares.

http://www.bisnis.com/en/corporate/1id192915.html
 

[Last update: 2010-07-14 10:52:24]