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Sinar Mas acquires 15% stake in SMS Finance for Rp 96 billion

22 March 2019 06:07

JAKARTA. PT Sinar Mas Multiartha Tbk (SMMA) has just acquired a 15% stake in PT Sinar Mitra Sepadan Finance (SMS Finance), with a value of Rp 96.19 billion.

Based on information disclosure on the Indonesia Stock Exchange (IDX), SMMA took over 15% of the shares owned by PT Padma Terang Sentosa in SMS Finance. This transaction was conducted on 20 March 2019.

The disclosure signed by the Director of SMMA, Doddy Santoso, stated that there was no impact on events, information or important facts about the company in the form of impacts on operations, financial conditions and financial projections, legal impacts and business continuity.

Sinar Mas Multiartha is a company owned by the Sinar Mas Group, which is the holding of all corporations engaged in financial services belonging to the group.

Until now, the SMMA oversees 29 subsidiaries with direct ownership, such as PT Bank Sinarmas Tbk (BSIM), PT Asuransi Sinarmas, PT Sinarmas Sekuritas, PT Sinarmas Multifinance, and others.

SMS Finance is a multifinance company. With the acquisition of 15% of the shares, ORIX is still the majority shareholder of the company, with 85% ownership, while Sinar Mas Multiartha is 15%.

ORIX Corporation was founded in 1964 as one of the pioneers of leasing companies based in Japan. The official ORIX website states that the company has increased its capital more than 23 times since it was founded 55 years ago. This company is even listed on the Tokyo Stock Exchange and the New York Stock Exchange (NYSE). (AM/AR)

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