JAKARTA - The Indonesia Stock Exchange (IDX) will require a tender offer for the purchase of Bank Danamon shares by The Bank of Tokyo Mitsubishi UFJ Ltd. (MUFG). The planned gradual purchase of shares will create changes in ownership. As disclosed information by BDMN, Tuesday (26/12), Asia Financial Holdings Pte Ltd (AFI) as the controlling shareholder of BDMN, has signed a conditional sale and purchase agreement with MUFG. The number of shares traded is 73.8% of the total shares issued by BDMN.
Responding to the transaction scheme, the Director of Assessment of Indonesia Stock Exchange (IDX), Samsul Hidayat stated that there should be a tender offer process if there is a change of controlling shares. "So for example MUFG he became a controller, so mandatory tender offer. So the remaining 20% must be held by others, "said Samsul, Wednesday (27/12). In addition to following the tender offer rules, Samsul confirmed that the transactions should also follow the special rules of the banking sector from the Financial Services Authority (OJK). One such rule according to him concerns the number or limitation of ownership for a particular institution.
"He can not own it completely. If 7.5% (public ownership) is indeed a tender offer. Based on OJK's rules, even if he has them all, he must refloat again to the market. So industry like banking has a limitation for foreign ownership and this should be followed," added Samsul.
MUFG in BDMN will purchase Bank Danamon shares in three phases. The first stage, amounting to 19.9% at a price of Rp 8,323 per share. The second phase adds 20.1% of the shares. Then, in the last stage is planned to reach 73.8% of the total shares issued by BDMN. The purchase price of shares of phase 2 and 3 will be close to the price of the first stage. (AM/HR)