Jul 13, 2010

BBRI to acquire up to 80% Bank Agro

State-owned bank PT Bank Rakyat Indonesia Tbk (BBRI) has determined to acquire up to 80% stakes in PT Bank Agroniaga Tbk (AGRO).
Bank Rakyat's President Director Sofyan Basir said the decision of the acquisition will be discussed in extraordinary general meeting in the third quarter this year.
"Decision to acquire Bank Agroniaga is final. We will buy up to 80% stakes," he said today.
But, he didn't declare the acquisition value because the price will be based on normal price. Based on Bapepam-LK regulation, the acquisition of 80% stakes in Bank Agro will result a tender offer for the remaining shares owned by public share holders.
Up to now, Sofyan said the acquisition process of Bank Agroniaga has entered the final stage before obtaining share holders approval. AGRO stocks jump 23.56% to Rp215 per share from the previous level at Rp174.

Disclosure: No Position at the stocks mentioned above.

Print This Article

No comments: