The Issue Of Canceling Muamalat Acquisition, A Number Of APPreations For BTN's Alert Steps

Photo: Doc. Antara

JAKARTA - The plan of PT Bank Tabungan Negara (Persero) Tbk (BBTN) to acquire PT Bank Muamalat Indonesia Tbk. reportedly canceled. The acquisition process which was canceled was considered not a negative thing, but was actually positive because BTN management could objectively assess the benefits of the merger acquisition carefully and not in a hurry.

Senior Economist Ryan Kiryanto assessed that the news of the cancellation of BTN's action to acquire Bank Muamalat was a natural thing in negotiating corporate actions. There are many considerations in this corporate action.

"Some considerations such as added value after the corporate action was carried out, vision and mission, to the sale and purchase price agreement which was considered suitable for both parties," he said when contacted by reporters, Tuesday, July 2.

Ryan continued, theoretically the company wants to acquire other companies because it wants to pursue value like 1 plus 1 can be more than two. If from the acquisition of merger 1 plus 1 it remains 2, it means that the acquisition-merger actions do not provide added value.

"To achieve that goal, there are many ways to do this, such as acquiring a healthy company to quickly achieve aggressive growth or an acquisition of an unhealthy company to repair and support business growth in the long term. Of course, to buy an unhealthy company, the price will be cheaper," he said.

This means that if there is a disagreement in the merger acquisition negotiations, it means that there are things that are not appropriate in terms of added value after the corporate action, price agreement, so that they do not match the vision and mission.

In line with Ryan, the Executive Director of the Segara Research Institute Piter Abdullah, believes that the news of the cancellation of the planned merger and acquisition of corporate actions is normal.

"Not all due diligence must end with an agreement," he said.

Piter added that by understanding the controlling character of Bank Muamalat, there are several possible causes of this BTN corporate action plan not to occur.

One of them is caused by the controlling shareholder of Bank Muamalat, namely the Hajj Financial Management Agency (BPKH) which has many rules, including divestment. The reason is, BPKH as the manager of hajj funds requires that investments not be recorded in a negative return.

Meanwhile, the Legislative Party actually appreciated the news of BTN's cancellation of acquiring Bank Muamalat. This is a sign in carrying out the acquisition, BTN has implemented the precautionary principle.

Member of Commission VI of the DPR from the Democratic Faction Herman Khairon supports the prudence of BTN Bank management in the process of acquiring Bank Muamalat to be merged with BTN Syariah.

"In corporate actions such as the acquisition of this merger, studies and analysis are needed that prioritize the principle of prudence. Including, the due diligence process is carried out," he said.

One of the most important things in the acquisition and merger is that both parties must have conformity related to business strategies, company values, to cultural suitability and the vision between different entities.

Previously, it was reported that the BTN plan to acquire Bank Muamalat had not produced results due to the inequality of vision and was opposed by a number of parties including the founding group of Bank Muamalat.

On the other hand, BTN management and SOE Minister Erick Thohir have not provided a detailed explanation regarding the news of the corporate action. Finally, Erick Thohir only said that the government wants the Islamic economic market in Indonesia to develop in a balanced manner.