Nov 25, 2010

BRI acquires Bank Agro at Rp109

PT Bank Rakyat Indonesia (BRI) has prepared Rp330.27 billion to acquire 3.03 billion shares of PT Bank Agroniaga Tbk (Bank Agro).
President of BRI Sofyan Basyir informed that the acquisition process on Bank Agro will commence by the end of this year and be realized at least next year.
At their Extraordinary Meeting of Shareholders (RUPS-LB), investors agreed to purchase 3.03 billion shares of Bank Agro at the price of Rp109 per share directly from Pension Fund of Plantation Sector.
After the acquisition, BRI will dominate 76% of the total shares in Bank Agro while 14% will still belong to the pension fund and 10% is owned public.
“We are waiting for the admisitration process to be done. The process might start at the end of 2010 and in early 2011 Bank Agro will belong to us,” he said while attending the RUPS-LB, today.
The acquisition is aimed to accelerate the penetration to agribusiness sector. Bank Agro in post-acquisition period is expected to be able to provide banking products and services focusing on small and medium enterprises (UKM) from agribusiness sector in particular.

Disclosure: No position at the stock mentioned above.  

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