KDB will conduct a MTO for Tifa Finance shares
JAKARTA - Korea Development Bank (KDB) will conduct a mandatory tender offer (MTO) for 46,981,900 common shares issued by PT KDB Tifa Finance Tbk (TIFA) with a price of Rp520 per share. Using that price as the basis, the company is expected to spend Rp24.43 billion on the transaction.
According to the company's prospectus published on Tuesday (6/10), the MTO will be conducted from 7 October to 5 November 2020. Previously, on 26 December 2019, KDB signed an agreement to purchase 80.65% of TIFA shares. After the acquisition, according to the Financial Service Authority (OJK) Regulation No.9/2018, KDB has to conduct a MTO
The purpose of the MTO is to provide an opportunity for the public to sell their shares to KDB.The company has appointed PT Mirae Asset as the broker for the MTO. (LK/AR)