Bank Fama Ready To Be Annexed By Emtek Conglomerate Eddy Kusnadi Sariaatmadja In Order To Meet Minimum Core Capital Of IDR 2 Trillion

JAKARTA - A company owned by conglomerate Eddy Kusnadi Sariaatamdja, PT Elang Mahkota Teknologi Tbk. (EMTK) is ready to acquire PT Bank Fama International through its subsidiary, PT Elang Media Visitama (EMV).

In the summary prepared by Bank Fama regarding the proposed takeover by EMV, quoted on Friday, November 5, it was written that the proposed takeover of 93 percent of the total issued and fully paid shares in Bank Fama by EMV.

EMV is a holding company engaged in management consulting services. Emtek holds 99.99 percent of EMV's shares and the other 0.00005 percent is owned by PT Kreatif Media Karya.

The takeover of Bank Fama is said to be in line with EMV's long-term business plan to expand its business in Indonesia, including to support the government's movement to improve financial literacy and banking access in the MSME sector.

The proposed takeover represents a strategic investment by EMV and is expected to increase future revenues and value from EMV. The reason and purpose of this action from Bank Fama is to comply with POJK 12 in relation to the minimum core capital requirement.

In addition, this action also allows the company to take advantage of EMV's financial strength, global network, and sectoral products and expertise to increase its ambition to grow.

The proposed takeover will be carried out by means of EMV purchasing 9,089,503,800 shares of Bank Fama, which represents 93 percent of the total issued shares in Bank Fama. The shares to be purchased by EMV consist of 4,428,701,427 shares owned by Junus Jen Suherman, 1,704,285,876 shares owned by Edi Susanto, 1,704,285,876 shares owned by Dewi Janti, and 1,252,230,621 shares owned by PT Surya Putra Mandiri Sejahtera.

The proposed takeover will be financed through EMV's internal funding through an additional capital deposit made by Emtek, EMV's majority shareholder.

The capital deposit has been made so that EMV guarantees that the financing does not originate from loans or financing facilities in any form from banks or other parties in Indonesia and does not originate from and for the purpose of money laundering.

If there are current shareholders of Bank Fama who do not agree with the proposed takeover, then the objection will be resolved in accordance with the prevailing laws and regulations. EMV also plans to maintain Bank Fama's current management team.

Meanwhile, after the announcement of this takeover plan, Bank Fama and EMV will call the EGMS on December 6, 2021. It is estimated that this process will be completed on December 28, 2021 with the receipt of a notification from the Minister of Law and Human Rights informing that the deed has been received.

For information, Bank Fama has a core core capital of IDR 1,001 trillion as of December 2020. In accordance with POJK 12/2020, the minimum core capital that must be met is IDR 2 trillion no later than December 31, 2021.