Aug 20, 2010

BRI acquires 88.65% stakes Bank Agro

Publicly listed PT Bank Rakyat Indonesia Tbk (BRI) today announces acquisition of 3.03 billion shares or 88.65% stakes in PT Bank Agroniaga Tbk (AGRO).
In a public statement submitted to Indonesia Stock Exchange, BRI and Dana Pensiun Perkebunan (Dapenbun) have entered into a binding sale and purchase agreement on August 19 2010.
Based on the agreement, BRI has agreed to acquire 76% stakes in Bank Agro from Dapenbun.
Considering Bank Agro's warrants which haven't exercises by Dapenbun and other holders and shares refloat, BRI in the first stage will acquire 3.03 billion shares in Bank Agro in a bid to reach 76% shares of minimum ownership. Dapenbun now controls 3.28 billion shares pr 95.97% in Bank Agro.
Disclosure: No position at the stock mentioned above.

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