JAKARTA - The impact of COVID-19 pandemic on the global economy forced Compass Banca, an Italian investment bank company, to cancel its plan to purchase 19.9% of PT BFI Finance Indonesia Tbk (BFIN) shares controlled by TPG and Northstar.
Compass Banca stated in a press release posted on its official website that since the emergence of the COVID-19 pandemic, there has been a change in the agreements and priorities of the company's operations.
This occurred despite the fact that Compass Banca and Trinugraha Capital & Co. SCA, the controlling shareholder of BFIN, has signed a share purchase agreement on 6 August 2018. "Given these considerations, on 30 April 2020 Compass and the Trinugraha consortium agreed to cancel the agreement signed in August 2018," said Mediobanca management.
Corporate Secretary of BFI Finance Indonesia Sudjono admitted that he had received a letter from Trinugraha regarding the cancellation of the agreement with on 30 April 2020. (ARM/AR)