PT Bank Woori Indonesia, a subsidiary of South Korea-based Woori Bank Korea, today announced its plan to take over 33% stake or 764.40 million shares in PT Bank Himpunan Saudara 1906 Tbk (SDRA).Bank Woori, that will acquire Bank Saudara shares from Arifin Panigoro and PT Medco Intidinamika, aims to use internal cash flow.
"The take over plan has been signed on June 8 2012 and expected to get agreement from Bank Saudara's extraordinary shareholders meeting on July 27 2012," said Bank Saudara in an announcement today.
Bank Woori Indonesia is 95.18% owned by Woori Bank Korea and PT Bank Danamon Indonesia Tbk with 4.82% stake.
Post the acquisition, Arifin Panigoro, founder and controlling shareholder in PT Medco Energi Internasional Tbk, will own 27.27% stake in Bank Saudara, Medco Intidinamika holds 3.68%, PT Medco Duta owns 3.24%, and public shareholders with 32.81%.
Disclosure: No position at the stock mentioned above.
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