Enlarge Banking Services With Thai Investors, Alim Markus Conglomerate Maspion Bank Transfers Ownership To Kasikornbank Group

Maspion Bank Building. (Photo: Wikimedia Commons)

JAKARTA - PT Bank Maspion Tbk (BMAS) owned by conglomerate Alim Markus has officially changed hands to a financial services institution from Thailand. This was after Kasikorn Vision Financial Company Pte, Ltd (KVF) and Kasikornbank Public Company Limited (Kasikorbank) held 67.5 percent of BMAS shares.

This assurance is stated in a letter signed by two directors of Maspion Bank, Iis Herijati and Endah Winarni, to the Indonesia Stock Exchange (IDX), Monday, May 30.

The letter explained that Maspion Bank shareholders, namely PT Alim Investindo, PT Maspion, PT Husin Investama, PT Maspion Investindo, and five individual shareholders signed a conditional sale and purchase agreement (CSPA) with KVF regarding the sale of the company's shares.

"Based on the provisions of the CSPA, KVF will buy BMAS shares which are a combination of the sale of shares owned by Maspion 12.46 percent, Alim Investindo 8.17 percent, Husin Investama 2.81 percent, Maspion Investindo 2.46 percent, and five individual shareholders. 4.11 percent," the letter reads.

The process of buying BMAS shares is carried out through the issuance of new shares through pre-emptive rights (HMETD).

Based on this agreement, all transactions will be completed with the approval of the Bank of Thailand, until the approval of the Financial Services Authority (OJK) for a fit and proper test.

The management of Bank Maspion said that the transaction is expected to provide wider access to banking services by the company to investors from Thailand in Indonesia. "Especially the investment made in the same location as the location of the Maspion Bank head office and branch office network," the letter added.