Conglomerate Chairul Tanjung Acquires Bank Harda, Value IDR 508 Billion?

Harda International Bank Building. (Photo: Harda Bank)

JAKARTA - A well-known Indonesian conglomerate, Chairul Tanjung, has again launched a corporate action. PT Mega Corpora, his own company, will acquire PT Bank Harda Internasional Tbk.

Quoted from Bank Harda's disclosure of information on the Indonesia Stock Exchange (IDX) website, Tuesday, November 3, it was stated that in this acquisition, the majority shareholder of the issuer coded as BBHI shares, namely PT Hakimputra Perkasa will sell 3.08 billion shares or 73.71 percent. of all issued and fully paid shares in the company to PT Mega Corpora.

BBHI and PT Hakimputra Perkasa as sellers have signed a share sale and purchase agreement with PT Mega Corpora as the party that will take over, on October 16, 2020.

"The purpose of control is to support banking policies in Indonesia and develop the company to become a bank in accordance with applicable regulations both in terms of operations and capital," explained the management of Bank Harda.

BBHI's share price at the close of trading yesterday, Monday, November 2 was IDR165. Referring to this share price, the price to be paid by Mega Corpora is IDR 508.20 billion.

Harda Bank plans to hold an Extraordinary General Meeting of Shareholders (EGMS) to approve the takeover of the company and after that submit a takeover permit to the Financial Services Authority (OJK).

After the signing of the share sale and purchase agreement agreement, all shares that have been promised cannot be traded until the agreed date. The takeover of Bank Harda by Mega Corpora will be carried out through transactions in the negotiation market on the IDX after receiving permission from the OJK.

This takeover plan will result in the transfer of control of the company to the party that will take over. This plan is still in the process of implementing EGMS approval as one of the requirements for obtaining OJK's license.

Furthermore, for the shareholders of the company, if the party making the transfer will carry out a mandatory tender offer after the implementation of the takeover obtains permission from the OJK, then the mandatory tender offer price will be determined using the average price of the highest daily trading price on the IDX for 90 calendar days prior to the announcement date namely 4 August 2020 to 1 November 2020, namely Rp160.26 per share.

For information, Bank Harda is currently pursuing a minimum capital fulfillment deadline of IDR 1 trillion on December 31, 2020. This regulation is stated in POJK Number 12 / POJK.03 / 2020 which regulates core capital of at least IDR 3 trillion in 2022.

Fulfillment of minimum core capital is carried out in stages, namely IDR1 trillion by 31 December 2020, IDR 2 trillion by 31 December 2021, and IDR 3 trillion no later than 31 December 2022. As of 30 June 2020, Bank Harda has a primary core capital of IDR 272.03 billion. so that Rp727.9 billion is needed to meet the core capital of Rp1 trillion by the end of this year.