JAKARTA - PT Bank Mitra Niaga Tbk (NAGA) will merge with PT Bank Agris Tbk (AGRS) to expand their business and compete in Indonesia. The banks will merge on 31 July 2019, after being approved by shareholders.
Based on the company's disclosure of information, after the merger, the banks' authorized capital will reach Rp 2.80 trillion with 28 billion shares and Rp 718.83 billion in issued and paid-up capital. The composition of shareholders in the company will be as follows: Industrial Bank of Korea (89.5%), PT Dian Intan Perkasa (0.7%), PT Sarana Steel Corporation (2.6%), Kamtono Kosasih (1.3%), Willy Yonathan (0.3%), and public (5,6%).
As of 15 January 2019, the composition of the shareholders of PT Bank Agris Tbk (AGRS) was as follows: Industrial Bank of Korea (95.8%), PT Dian Intan Perkasa (1%), and the public (3.2%). The total value of the shares was Rp 525.61 billion. Meanwhile, the composition of shareholders of PT Bank Mitra Niaga Tbk (NAGA) was as follows: Willy Yonathan (72.1%), PT Sarana Steel Corporation (9.9%), Kamtono Kosasih (5.1%), Yeo Harry Yonanta (0.6% ), and public (12.3%). (LK/AR)