It Has Officially Acquired Bank Harda, What Will Chairul Tanjung's Conglomerate Do Next?

Chairul Tanjung conglomerate. (Photo: Doc. Forbes)

JAKARTA - PT Mega Corpora has prepared a development plan for PT Bank Harda Internasional Tbk. This was after Mega Corpora officially acquired Bank Harda on March 15, 2021.

Mega Corpora, a company owned by the conglomerate Chairul Tanjung, took over 3,084,461,000 shares of Bank Harda owned by PT Hakimputra Perkasa or 73.71 percent of BBHI's issued and fully paid capital through transactions on the negotiation market on the Stock Exchange.

The takeover price by Mega Corpora was IDR 149.36 per share, so the total takeover price was IDR 460.70 billion. As for the mandatory tender offer statement published on the information disclosure page of the Indonesia Stock Exchange (IDX), Monday 19 April, it is stated that Mega Corpora has a development plan for Bank Harda.

Mega Corpora plans to change Bank Harda's business model from a conventional bank to a digital bank.

"BBHI will provide innovative digital banking products and services that provide solutions and seamless customer experiences for customers and provide high added value to all stakeholders," explained Mega Corpora management.

Meanwhile, Mega Corpora will conduct a mandatory tender offer for BBHI shares with a tender offer period from April 20, 2021 to May 20, 2021. The payment date is scheduled for May 31, 2021.

The mandatory tender offer for a maximum of 1,099,970,795 shares of PT Bank Harda Internasional Tbk (BBHI) or equivalent to 26.29 percent of all issued and paid-up capital of BBHI. The mandatory tender offer price is IDR 160.26 per share, so that the total tender offer value is IDR176.28 billion.

Tender offers must be made in order to comply with regulation No.9 / POJK.04 / 2018. Mega Corpora, as the offering party, intends to give the offered shareholders the opportunity to sell their shares at the mandatory tender offer price.

After the completion of the mandatory tender offer, Mega Corpora plans to increase BBHI's core capital through additional capital by granting pre-emptive rights.

"Currently there is no plan to change the status of BBHI from a public company to a voluntary delisting as referred to in Article 64 POJK No.3 / POJK.04 / 2021," he explained.