Gajah Surya to buy a 51.8% share of BDNI<\/p>\n
JAKARTA (JP): The independent shareholders of PT Gajah Surya
\nMulti Finance, of the Gajah Tunggal Group, approved yesterday the
\ncompany's plan to acquire a 51.8 percent share of PT Bank Dagang
\nNasional Indonesia (BDNI), together with four other proposals.<\/p>\n
The company said in a statement that all proposals, including
\nthose for a rights issue and a change in its line of business,
\nwon unanimous approval from approximately 80 percent of its
\nindependent shareholders who attended yesterday's extraordinary
\nmeeting.<\/p>\n
The statement said that the planned acquisition will cost Rp
\n734 billion (US$313 million), representing a price of Rp 1,725
\nper share, which will be financed by funds raised from the
\nproposed rights issue.<\/p>\n
\"The shareholders have also endorsed our plan to issue seven
\nnew shares at Rp 1,300 each for every two old shares to raise
\ntotal funds of Rp 728 billion,\" it said.<\/p>\n
Gajah Surya shares yesterday closed at Rp 1,400 on the Jakarta
\nStock Exchange and BDNI shares at Rp 1,675.<\/p>\n
The company said that after the acquisition it will become the
\nGajah Tunggal Group's investment holding company under the name
\nPT BDNI Capital Corporation Tbk.<\/p>\n
\"In line with the restructuring of our business line, we will
\nhand over all of our multifinance activities to PT Gajah Surya
\nFinance and we, therefore, increase our ownership from 86 percent
\nat present to 98.8 percent.\"<\/p>\n
It was reported that Gajah Surya will increase its authorized
\ncapital from Rp 800 billion to Rp 2.8 trillion, including a paid-
\nup capital of Rp 720 billion, after the planned right issue.<\/p>\n
The meeting also appointed Karmady Arief as a new commissioner
\nreplacing Sutrisno, and F.T. Chong and Arie Yandi Taswar as new
\ndirectors replacing Eddy Sanusi and Hendra Alimin.<\/p>\n
Gajah Surya, established in 1982 as a leasing company, also
\noperates in general and life insurance, insurance brokerage,
\nstock brokerage and venture capital, with total assets of Rp 779
\nbillion.<\/p>\n
\"The management has planned to make use of BDNI's nationwide
\nextensive branches to sell a broad range of financial services to
\ncorporate and consumer clients,\" the company said.<\/p>\n
BDNI, with total assets of Rp 14 trillion, operates 12
\nsubsidiaries and affiliates, including Bank Dewa Rutji, PT DBS
\nSecurities and publicly-listed PT BDNI Reksa Dana.<\/p>\n
Gajah Surya is controlled by Gajah Tunggal Mulia with 65.49
\nownership. The remaining 34.51 percent shares are owned by the
\ninvesting public.<\/p>\n
BDNI's shareholders are PT Daya Patria Corporation (with 51.84
\npercent stake), PT Nusantara Duta Development (5.1 percent), PT
\nNusantour Duta Djaya Invest Corporation (3.2 percent) and the
\ninvesting public (39.86 percent). (alo)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/gajah-surya-to-buy-a-518-share-of-bdni-1447893297",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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