Chairul Tanjung Conglomerate Will Become The Legal Owner Of Bank Harda In February 2021

Chairul Tanjung conglomerate. (Photo: CT Corp)

JAKARTA - PT Bank Harda Internasional Tbk announced the takeover of the company's shares by a company owned by the conglomerate Chairul Tanjung, PT Mega Corpora. The transition is expected to be official and hammered in February 2021 after going through various stages.

Quoted from the information disclosure of Bank Harda, on the Indonesia Stock Exchange website, Friday 4 December, the company will hold an Extraordinary General Meeting of Shareholders (EGMS) on January 29, 2020. It was explained that the EGMS was scheduled to ask for shareholder approval regarding the acquisition by Mega Corpora.

Previously on October 16, 2020, the majority shareholder of Bank Harda, PT Hakimputra Perkasa, had signed a share purchase agreement of 3.08 billion shares or 73.71 percent of all issued and fully paid shares.

With this acquisition, Mega Corpora will automatically become the new controlling shareholder of Bank Harda. Chairul Tanjung through Mega Corpora is the controller of PT Bank Mega Tbk and PT Bank Mega Syariah.

Mega Corpora is also a significant shareholder in two regional banks, namely Bank Sulutgo and Bank Central Sulawesi. Mega Corpora also intends to deposit capital in Bengkulu Bank, where previously they had the approval of buying 26 percent of the bank's shares.

Meanwhile, Bank Harda will take a number of steps, before holding an EGMS on January 29, 2020. They will invite creditors to submit objections to the planned acquisition.

The issuer coded as BBHI shares provides a period of up to 18 December 2020. Furthermore, if the EGMS approves the acquisition plan, the parties involved in the share takeover will submit the documents for the application for the Bank Harda takeover permit and the fit and proper test document to the OJK.

Bank Harda estimates that it can get approval for the acquisition of shares from OJK on February 24, 2020. In line with changes in company control, Mega Corpora needs to make a mandatory tender offer to buy the remaining shares of Bank Harda after the completion of the acquisition. This is regulated in POJK No.9 of 2019.

The tender offer price must have been announced to the public since early November 2020, which is IDR 160.26 per share. This price is the average of the highest daily trading price on the Indonesia Stock Exchange for 90 calendar days prior to the announcement of the takeover plan.