Industrial Bank of Korea acquires 71.68% stake of Bank Mitra Niaga

19 February 2019 05:42

JAKARTA - Industrial Bank of Korea acquired 71.68% of PT Bank Mitra Niaga Tbk (NAGA)'s stake. However, the bank did not conduct the mandatory tender offer due to the recommendation of the Financial Services Authority (OJK). OJK gave an exception for the transaction since it was under supervision.

As cited from the company's financial statement, Paberd L Hutagaol, Director of PT Bank Mitra Niaga Tbk (NAGA) stated that Industrial Bank of Korea only acquired the stocks owned by Willy Yonathan and Yeo Harry Yonanta. "The investor decided to cancel the plan to take over the stocks from other shareholders, except Willy and Yeo," he said.

According to him, after the acquisition,  then the company's stocks circulating in the market is about 28.32%, or higher than the regulation (7.5%). The number of stocks acquired in that transaction reached 1,167,710,000 with a price of Rp 409 per share. (LK/AR)

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