Danamon wraps up Adira takeover<\/p>\n
The Jakarta Post, Jakarta<\/p>\n
Bank Danamon, the country's fifth largest bank in terms of
\nassets, said it had completed the acquisition of a controlling
\nstake in financing company PT Adira Dinamika Multifinance for Rp
\n850 billion (US$99 million).<\/p>\n
\"Danamon has concluded the purchase agreement on Wednesday to
\nbuy 75 percent of Adira stakes worth Rp 850 billion,\" said
\nDanamon vice president Emirsyah Satar during a ceremony on
\nThursday.<\/p>\n
Emirsyah said the completion of the transaction would help
\nsupport Danamon's 20 percent profit growth target for this year.<\/p>\n
The acquisition would also help Adira in boosting its lending
\nportfolio to Rp 5 trillion this year from Rp 3.7 trillion last
\nyear, as Danamon planned to provide the company with financial
\nback up and an operating network, said Emirsyah.<\/p>\n
Danamon, which is 61.88 percent owned by a consortium of
\nTemasek Holdings Pte. Ltd. and Deutsche Bank, earlier said that
\nthe plan to acquire Adira was driven by the fact that the
\ncountry's financing sector had grown rapidly in the past few
\nyears.<\/p>\n
With the completion of the acquisition, Adira's current
\ncontroller Theodore Permadi Rachmat and Stanley Setia Atmadja
\nwill hold the remaining 13.5 percent and 1.5 percent,
\nrespectively in Adira.<\/p>\n
Rahmat is a former president of publicly listed automotive
\ncompany PT Astra International, while Stanley is a businessman.<\/p>",
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