Apr 21, 2011

BCA buys Transpacific Insurance

PT Bank Central Asia Tbk reportedly has spent IDR40 billion to acquire major stake of PT Transpacific General Insurance through its business insurance arm and pension fund of BCA’s employees with a stake composition by 25% for PT BCA Finance and 75% for pension fund of BCA’s employees.
The corporate action plan had been confirmed by BCA Vice President Director Jahja Setiaatmadja in Jakarta, yesterday.
For the initial stage, as quoted by Bisnis Indonesia daily, BCA Finance will control 25% stake, and then it has an option to take over 50% in the second year because of the regulation that the bank’s investment is only eligible for two-year-old company.

Disclosure: No position at the stock mentioned above.

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