BNI Acquires Bank Mayora, Owned By Conglomerate Jogi Hendra Atmadja, Worth IDR 3.5 Trillion, A Reasonable Number?

Illustration. (Photo: Doc. Antara)

JAKARTA - PT Bank Negara Indonesia Tbk (BBNI) alias BNI has officially announced that it will acquire 63.92 percent of Bank Mayora as the company's efforts to establish a digital bank. The acquisition is targeted for completion in May 2022.

The acquisition scheme will be carried out by buying existing shares owned by the International Finance Corporation (IFC) and taking over new shares to be issued by Bank Mayora as many as 1,029,151,550 representing 54.9 percent of the issued and fully paid shares.

The acquisition value reached IDR 3.5 trillion. Mirae Asset Sekuritas Indonesia analyst Handiman Soetoyo said his party had confirmed to BNI management regarding the transaction value.

"BBNI said that in total, it would pay IDR 3.5 trillion to fund the acquisition," he wrote in his research, quoted on Monday, January 31.

The details consist of IDR 500 billion to acquire existing shares from IFC and IDR 3 trillion is budgeted to absorb all new shares to be issued by Bank Mayora.

According to Handiman, the acquisition value will imply a 2x price to book value. Mirae Asset Sekuritas sees this as quite reasonable.

Regarding previous rumors, BBNI will cooperate with a technology company (the Sea Group is rumored, namely Sea Group. Shopee), BBNI clarified that this would be the next step.