JAKARTA. Aseana Insurance Pte Ltd (Aseana) has completed the mandatory tender offer (MTO) of the shares of PT Asuransi Bina Dana Arta Tbk (ABDA). Aseana spent approximately IDR 320.52 billion to carry out this MTO, bringing its portion in ABDA to 94.77% from the initial 87.18%.
In the official announcement in Indonesia Stock Exchange (IDX) yesterday (29/11), Ratih Kusumadilaga, Corporate Secretary of Asuransi Bina Dana Arta (ABDA), stated that the MTO of ABDA’s shares had taken place from October 18 to November 16, 2022. “On November 25, 2022, Aseana concluded the purchase of 47,115,204 units of ABDA’s shares from public investors that participated in said MTO,” she added.
The price of shares in the MTO is set to IDR 6,803 each, thus driving this Singaporean insurance company to spend IDR 320.52 billion in total. Now, Aseana, who had been the initial controlling shareholder of ABDA with 87.18% ownership, officially increases its portion to 94.77%, claiming 588,313,138 units of shares.
Saurabh Agarwa, Director of Aseana Insurance, further added that the conclusion of the transaction on November 25, 2022, also marked the end of the MTO with the direct stock ownership status. Aseana is owned and supported by Warburg Pincus LLC (Warburg Pincus) fund management and its affiliates, including Warburg Pincus China Southeast Asia II, Warburg Pincus Global Growth 14, and Warburg Pincus Financial Sector II, which come together as one and is called WP Funds. (AM/ZH)