JAKARTA - A bank from Thailand, Kasikornbank Public Company Limited (KBank) through its subsidiary Kasikorn Vision Financial Company Pte. Ltd. (KVF) updated the plan for the takeover of Maspion Bank (BMAS).
In the latest information disclosure submitted last weekend, quoted on Monday, July 25, the scheme for the entry of KBank to the bank owned by conglomerate Alim Markus went through two stages. First, the company bought 30.01 percent of BMAS shares. In details, PT Alim Investindo sold 8.17 percent, PT Maspion (12.46 percent), PT Husin Investama (2.81 percent), PT Maspion Investindo (2.46 percent), Alim Markus (1.22 percent), Alim Mulia Literature (0.98 percent), Alim Prakasa (0.98 percent), Alim Puspita (0.49 percent) and Gunardi (0.44 percent).
As a result, after the sale, Alim Investindo still owns 53.84 percent, Guna Investindo (5.87 percent), KBank (9.99 percent), KVF (30.01 percent), and the public (0.29 percent).
As for the second phase scheme, the ownership of Bank Maspion will be transferred to KBank through the BMAS rights issue by making the core capital at least IDR 3 trillion. With the assumption that the community does not absorb their rights, then the ownership of the Maspion family in BMAS becomes Alim Investindo (29.22 percent), Guna Investindo (3.03 percent), KBank (5.16 percent), KVF (62.44 percent) and the community (0.15 percent).
The decline in public shares makes KVF as a subsidiary of KBank in Singapore ready to fulfill the rights of minority shareholders.
"Any objections by minority shareholders will be resolved according to applicable law," explained KVF management in its disclosure.
It is also stated that the company will conduct a mandatory tender offer to take over the remaining shares owned by public shareholders.
What will happen to Maspion Bank employees?
In the same explanation, KVF emphasized that there would be no adverse changes to the current terms and conditions of employment due to the takeover.
"The company will not lay off employees as a result of the takeover," the company further wrote.
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However, as a new shareholder, KVF will nominate new directors and commissioners in the management of BMAS.
"New members of the board of directors and commissioners. New members of the board of directors and commissioners will be appointed subject to the completion of the takeover and the candidate concerned has passed the fit and proper test," further explained the management.
And here is the approximate schedule for the takeover of BMAS by a KBANK subsidiary:
- Submission of application for fit and proper test to OJK: June 2, 2022
- OJK Pre Approval that the takeover process can be carried out: July 19, 2022
- Announcement of summary plan of takeover: July 21, 2022
- Submission of the EGMS agenda to OJK: July 28, 2022
- Submission of registration statement to OJK: August 1, 2022
- Last day of waiting period for submission of creditor objection: August 4, 2022
- EGMS Announcement: August 4, 2022
- Invitation to the EGMS: August 19, 2022
- EGMS held: September 12, 2022
- Submission to OJK regarding BMAS takeover permit: September 15, 2022
- Estimated issuance of approval of fit and proper test for takeover from OJK: September 28, 2022
- Estimated registration statement to be effective: September 30, 2022
- Completion of the transfer of shares sold: October 11, 2022
- PMHMETD Completion: October 31, 2022
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